Bitcoin fell back below $23,000 on Thursday morning in Asia, following the slide in US stock markets overnight amid comments from Federal Reserve officials that the fight to curbing inflation is far from over. Ether fell along with most of the other top 10 non-stable cryptocurrencies, with Polygon being the only one on the list to rise the most.
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Fast facts
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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 $1,650 but was up 0.6% over the same period of the week, according to CoinMarketCap data.
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Polygon was up 2.8% at $1.3, bringing its gains over the seven days to 9.2% on the back of the token's network expansion. He DeGens Polygon Campaign launched on Tuesday and features decentralized finance (DeFi) dApps on the Polygon blockchain. Non-Fungible Token (NFT) Facility Added Premint support for Polygon on Wednesday, and the network announced Tuesday that there were 1.64 million active wallets using web3 social applications.
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The Shiba Inu token slid 4.4% to $0.000001375 to record the biggest loss on CoinMarketCap's listing, but the Dogecoin imitation token is still up 14.7% over the past week.
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Crypto market capitalization fell 1.2% to $1.07 trillion in the 24 hours, and total trading volume decreased 3% to $58.69 billion.
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Henry Liu, chief executive of British Virgin Islands-based cryptocurrency exchange BTSE, said the broader cryptocurrency market is still on a recovery trend after the sharp price decline last year, noting the Gains of more than 30% in Bitcoin and Ether prices in the last month. . โThis trend could potentially continue in the near term, helping BTC break through the important psychological threshold of $25,000. If this were to happen, a bullfight could be in the offing,โ he said in a statement emailed to Discard.
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US stocks fell on Wednesday. The Dow Jones Industrial Average lost 0.6%, the S&P 500 Index fell 1.1% and the Nasdaq Composite Index closed 1.7%.
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Macroeconomic trends continue to be a focus for cryptocurrency and stock investors. Federal Reserve Governor Christopher Waller said Wednesday that interest rates may need to rise further to control inflation in a speech at an agribusiness conference at Arkansas State University. He didn't say for how long.
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President of the New York Fed John Williams said in an interview with the Wall Street Journal that interest rates may need to remain "tight" for several years to keep inflation at pre-pandemic levels, though he said he also agreed with the Fed's recent decision to raise rates by just 25 basis points at their January meeting last week.
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Federal Reserve Chairman Jerome Powell also said at the Economic Club of Washington this week that while disinflation had begun in the US economy, there was still much work to be done to bring inflation to an acceptable level.
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CME Group analysts predict a greater than 90% probability that the Fed will raise interest rates by another 25 basis points at its next meeting in March. US interest rates are currently between 4.5% and 4.75%, the highest in 15 years, and Fed officials have repeatedly indicated they could raise rates as much as 5% .
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(Corrects the price of Bitcoin in the first point).
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