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Bitcoin price crossed US$23,000 in Asian trading on Wednesday morning. Ether and other top 10 non-stablecoin cryptocurrencies have also recovered from yesterday’s losses amid optimistic moves that US stocks surged in January and that the US economy is headed for a soft landing. Dogecoin, the top memecoin, has taken the lead, with reports from Monday continuing that longtime supporter and Twitter Inc. boss Elon Musk is looking to bring a payment system to the social media platform. It is
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quick facts
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Bitcoin rose 1.3% to US$23,133 in the 24 hours to 8am in Hong Kong, up 2.2% over the past seven days. CoinMarketCap data shows that Ether is up 1.2% to $1,586, and he is up 1.9% this week.
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Dogecoin rose 8.7% to trade at US$0.09, up 14.3% weekly. Monday’s report focused on adding fiat payments to Twitter, but Musk left open the possibility that it could be extended to cryptocurrencies as well.
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Cardano gained 4.8% to $0.39 USD, up 8.7% over the past seven days. Polygon rose 2.1% to US$1.11, posting a strong weekly gain of 16.11%. Solana dropped less than 0.1% to $23.94, making him the only token off the top 10 list, but he’s still up 5.1% this week.
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Cryptocurrency market capitalization increased 1.4% to $1.5 trillion, while total trading volume fell 17.1% to $47.26 billion.
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US stocks rose Tuesday. He ended the day with the Dow Jones Industrial Average up 1.1% for him, the S&P 500 Index up 1.5% and the Nasdaq Composite Index up 1.7%.
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Tuesday’s performance caps off a strong first month of 2023 for the stock market. The S&P 500 is up 6.2% over the past 31 days, marking its best year-to-date since 2019. Meanwhile, the Nasdaq rose 10.7% over the same period, marking his best January since 2001.
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The market rose on strong earnings as both Exxon Mobil Corp and Pfizer Inc. posted record profits on the back of surging oil prices and continued Covid-19 vaccine production.
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The US Federal Reserve will decide on interest rates at 2:00 pm ET on Wednesday. CME Group analysts overwhelmingly expect the Fed to raise rates by 25 basis points, breaking consecutive hikes of 50 and 75 basis points since last March.
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The Fed’s aggressive interest rate hikes last year appear to have had the desired effect of slowing inflation. The U.S. Consumer Price Index rose 6.5% year-on-year in December, pulling away from his 7.1% in November, the biggest monthly drop since April 2020.
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Tech leaders including Apple, Amazon.com and Alphabet, the parent company of search engine Google, reported earnings this week. The non-farm payrolls data was also released on Friday, another key inflation indicator.
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