Bitcoin fell back below US$23,000 on Thursday morning in Asia, following US stock markets falling overnight amid comments from Federal Reserve officials that the fight against inflation is far from over. Ether fell along with most of the other 10 unstable cryptocurrencies, with Polygon the only one on the list to climb higher.
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Fast facts
- Bitcoin fell 1.4% to $22,945 in the 24 hours to 8 a.m. in Hong Kong, taking its past seven-day losses to 3.28%. Ether lost 2.3% to US$1,650 but is up 0.6% for the same one-week period, according to data from CoinMarketCap.
- Polygon rose 2.8% to US$1.3, taking its seven-day gains to 9.2% on the token’s network expansion. THE Polygon DeGens Campaign launched on Tuesday and offers decentralized finance (DeFi) dApps on the Polygon blockchain. Non-Fungible Token Service (NFT) Premint added support for Polygon on Wednesday, and the network announced Tuesday that there are 1.64 million active wallets using Web3 Social Apps.
- The Shiba Inu token slid 4.4% to $0.000001375 to post the biggest loss on CoinMarketCap’s listing, but the copycat token Dogecoin is still up 14.7% last week.
- The crypto market cap fell 1.2% to US$1.07 trillion in the 24 hours, with total trading volume down 3% to US$58.69 billion.
- Henry Liu, managing director of British Virgin Islands-based BTSE, said the broader crypto market was still in a recovery trend after the steep price drop last year, pointing to gains of more than 30%. % of Bitcoin and Ether prices over the past month. . “This trend could potentially continue in the near term, helping BTC break above the all-important psychological threshold of $25,000. If that were to happen, a bull run could be in sight,” he said in a statement emailed to Discard.
- US stocks fell on Wednesday. The Dow Jones Industrial Average lost 0.6%, the S&P 500 index slipped 1.1% and the Nasdaq Composite Index closed 1.7%.
- Macroeconomic trends remain at the forefront of both crypto and equity investors. Federal Reserve Governor Christopher Waller said on Wednesday that interest rates may need to rise to control inflation in a speech at an agribusiness conference at Arkansas State University. He did not specify by how much.
- New York Fed Chairman John Williams said in an interview with the the wall street journal that interest rates may need to remain “tight” for a number of years to keep inflation at pre-pandemic levels, although he also said he also agreed with the recent the Fed’s decision to raise rates by just 25 basis points at its January meeting last week.
- Chairman of the Federal Reserve Jerome Powell also said at the Economic Club of Washington this week that while the disinflationary process had begun in the US economy, there was still a long way to go to bring inflation down to an acceptable level.
- CME Group analysts predict a greater than 90% chance that the Fed will raise interest rates another 25 basis points at its next meeting in March. U.S. interest rates are currently between 4.5% and 4.75%, the highest in 15 years, and Fed officials have repeatedly signaled they could raise rates as much as 5% .
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