BITCOIN in Fighting
Bitcoin rises despite U.S. crackdown, as crypto market gains $84 billion in value
Crypto markets rose on Thursday, shrugging off a tougher regulatory stance from the U.S. government.
Bitcoin
gained 2.06% to $24500.00.
while Ethereum was up 1.21% at $1679.31
Flows into bitcoin
Bitcoin’s price on Thursday sat at its highest level since mid-August 2022. Last year, nearly $1.4 trillion was wiped off the crypto market after the turmoil that saw bankruptcies, and failures of projects and companies. All that was topped off by the collapse of the major exchange FTX.
“The current regulatory environment surely looks like a headwind for the crypto market, but it seems like some money is moving from altcoins to bitcoin since bitcoin is the only cryptocurrency that is labeled ‘commodity’ by the SEC chair. Consequently, bitcoin’s market dominance is on the rise.”
Rising interest rates from the Federal Reserve designed to fight inflation also weighed on crypto markets.
Bitcoin is also closely correlated to equity markets and in particular the tech-heavy Nasdaq index.
The Nasdaq is up about 16% year-to-date. Bitcoin has outperformed the index and is up 49% this year.
Bullish sentiment in risk assets has been aided by a view that the economic downturn might not be as bad as expected, and the Fed might slow down the pace of interest rate hikes.
In general, the markets like the fact that inflation is coming down, interest rate hikes are slated to ease from here, but also that we may end up with either no big recession or something very mild,
Crypto markets rose on Thursday, shrugging off a tougher regulatory stance from the U.S. government.
Bitcoin
gained 2.06% to $24500.00.
while Ethereum was up 1.21% at $1679.31
Flows into bitcoin
Bitcoin’s price on Thursday sat at its highest level since mid-August 2022. Last year, nearly $1.4 trillion was wiped off the crypto market after the turmoil that saw bankruptcies, and failures of projects and companies. All that was topped off by the collapse of the major exchange FTX.
“The current regulatory environment surely looks like a headwind for the crypto market, but it seems like some money is moving from altcoins to bitcoin since bitcoin is the only cryptocurrency that is labeled ‘commodity’ by the SEC chair. Consequently, bitcoin’s market dominance is on the rise.”
Rising interest rates from the Federal Reserve designed to fight inflation also weighed on crypto markets.
Bitcoin is also closely correlated to equity markets and in particular the tech-heavy Nasdaq index.
The Nasdaq is up about 16% year-to-date. Bitcoin has outperformed the index and is up 49% this year.
Bullish sentiment in risk assets has been aided by a view that the economic downturn might not be as bad as expected, and the Fed might slow down the pace of interest rate hikes.
In general, the markets like the fact that inflation is coming down, interest rate hikes are slated to ease from here, but also that we may end up with either no big recession or something very mild,
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