Bitcoin was trading below US$23,000 in Asia on Monday morning, tracking a drop in US equities after unexpectedly strong job growth numbers on Friday raised fears that markets would face more interest rate hikes to slow the economy and inflation. All of the top ten non-stablecoin cryptocurrencies fell. Dogecoin and Polygon were the biggest losers, with BNB having the smallest drop.

Quick Facts

Bitcoin fell 1.6% to US$22,948 in the 24 hours to 8 a.m. in Hong Kong, bringing its seven-day losses to 3.5%. According to CoinMarketCap data, Ether fell 2.1% to $1,631 and is down 0.9% for the week.

Dogecoin dropped 3.8% to US$0.09, but was still up 2.1% for the week. Polygon fell 3.8% to US$1.20, bringing its weekly gain to 2.2%. BNB fell 0.8% to $327.85, but was still up 3.3% over the previous week.

The crypto market cap fell 2% to $1.07 trillion, while total trading volume increased 27.4% to $49.9 billion.

On Friday, US equities fell. The Dow Jones Industrial Average fell 0.4%, while the S&P 500 Index fell 1%. The Nasdaq Composite Index fell 1.6% on the day, but gained 3.3% for the week.

The Bureau of Labor Statistics reported on Friday that nonfarm payroll jobs increased by 517,000 in January, far exceeding the expected 185,000 and nearly doubling the 260,000 recorded in December. The unemployment rate in the United States is now at its lowest level since 1969, at 3.4%.

The increase in job creation, along with strong data from the United States’ services sector, are both signs of a healthy economy, but investors interpreted the figures as evidence of stubbornly high inflation, which could prompt the Federal Reserve to raise interest rates.

The aggressive rate increases implemented by the Federal Reserve in the United States last year appear to be having the desired effect on inflation. The consumer price index in the United States rose 6.5% year on year in December, down from 7.1% in November and the largest monthly decline since April 2020.

Interest rates in the United States are currently at 4.5% to 4.75%, the highest in 15 years, and Fed officials have repeatedly stated that rates could be raised to as high as 5% to bring inflation back down to 2%.

After US Federal Reserve Chair Jerome Powell stated that inflation is beginning to ease, the crypto market experienced a mixed trading performance. The Federal Reserve raised interest rates by 0.25 percent. Bitcoin (BTC) increased 3.11 percent to $23,788, while Ethereum (ETH) surpassed $1,600. Over the last 24 hours, BTC volume has been around $30.58 billion, up from 37.16 percent.

BTC’s price surpassed even the most optimistic price forecasts last week. Bitcoin gained 6.5 percent in five hours after testing the $22,500 support level on February 1st, and has been flirting with the $24,000 level ever since. It’s also worth noting that Bitcoin’s 40-day correlation to the S&P 500 remains above 75%.

Traders will be looking to see if Ether bulls can keep the price within the bullish triangle formation for the next two weeks. If the macro environment permits, ETH derivatives suggest a possible rally to $1,800. Meanwhile, Ethereum Foundation developer Parithosh Jayanthi announced the February launch of the “Zhejiang” public test net.

Bitcoin
Bitcoin began trading higher after breaking out above the range, forming a ‘Higher High Higher Low’ pattern. Yesterday, prices reached a weekly high of $24,255. The asset is currently trading in a ‘Bullish Flag’ pattern. However, the bulls will face a significant challenge at $25,200 (previous high on August 15, 2022) and $28,500. (Horizontal trendline). We can expect another rally up to $32k if prices break and sustain above these resistances. If it continues to resist at these levels, we can expect some profit booking. The asset will be well supported by $21,500.

Ethereum
Ethereum was trading sideways between $1,050 and $1,300. The asset eventually broke above the range and began moving upwards by forming a ‘Higher High Higher Low’ pattern, rallying up to $1,714.6. The asset has a strong resistance zone ranging from $1,700 to $1,750 (Horizontal Trendline), and after reaching a high of $1,714, ETH formed a Doji candle with a longer upper shadow, indicating selling near the resistance. To continue rallying, ETH must break, close, and sustain above $1,750, where it has strong support around $1,500. (200 Day Moving Average).

The Federal Open Market Committee decided to raise benchmark interest rates by 25 basis points during the meeting. The crypto market initially did not react to the hike, with Bitcoin and most other tokens remaining flat following the announcement.

The Federal Open Market Committee (FOMC) met late last night for the first of eight scheduled meetings in 2023. The FOMC decided to raise benchmark interest rates by 25 basis points during the meeting, as widely expected and in line with falling inflation. This is a reduction from the 50-basis-point increase in December 2022, bringing the federal funds rate to a range of 4.5 percent to 4.75 percent.

“We can now say, I believe for the first time, that the disinflationary process has begun, and we see it really in goods prices,” Powell said at a press conference following the announcement of the interest rate hike. The crypto market reacted favourably to the Fed chairman’s remarks, as expected.

The crypto market initially did not react to the hike, with Bitcoin and most other tokens remaining flat following the announcement. However, Bitcoin began to rally shortly after, rising from $22,877 early this morning to a high of $24,157 a few hours later. However, BTC has lost some of its gains since then and was trading at $23,884 at the time of writing.

Ethereum, the second-largest cryptocurrency by market cap, reacted favourably to the rate hike as well. The leading altcoin followed a similar path to Bitcoin, rising from $1,566 this morning to $1,688 a few hours later. ETH was trading at $1,673 at the time of writing, up 5.57 percent in the previous 24 hours.

The broader crypto market followed suit, with the majority of the top 100 cryptocurrencies by market capitalization turning green in the last 24 hours. As a result, the global crypto market cap increased by $40 billion, a 3.88 percent increase from the same time yesterday. Overall, the biggest gainers were Optimism (OP), which increased by 24 percent in the last 24 hours, and Loopring (LRC), which increased by 17 percent.

The FOMC was dealing with record-high inflation last year. As a result, it was forced to implement 75 basis point interest rate hikes several times in 2022. Each hike caused the crypto market, particularly Bitcoin, to plummet dramatically. Given this backdrop, market participants have greeted a 25 basis point interest rate hike with open arms. It indicates that the Fed is currently winning the battle against inflation.

However, Jerome Powell, Chairman of the US Federal Reserve, warned that there is still a long way to go before interest rate hikes can be paused entirely. “Inflation has eased slightly but remains elevated,” Powell said at a press conference following the announcement. “Given our outlook, I don’t think we’ll cut rates this year,” he added.

Bitcoin price rose above $23,000 in early Wednesday Asian trading. Ether and the majority of the top ten non-stablecoin cryptocurrencies recovered from yesterday’s losses, buoyed by strong gains in US equities in January and optimism that the US economy is headed for a soft landing. Dogecoin led the pack, still benefiting from reports on Monday that long-time supporter and Twitter Inc. CEO Elon Musk is looking to bring payment systems to the social media platform.

Quick Facts

• Bitcoin gained 1.3% to US$23,133 in the 24 hours to 8 a.m. in Hong Kong, bringing its seven-day gains to 2.2%. According to CoinMarketCap data, ether gained 1.2% to $1,586 and is up 1.9% for the week.
• Dogecoin rose 8.7% to US$0.09, representing a 14.3% weekly increase. While the focus of Monday’s report was on adding fiat payments to Twitter, Musk left the door open for cryptocurrency to be added as well.
• Cardano increased by 4.8% to $0.39, a gain of 8.7% in the last seven days. Polygon rose 2.1% to $1.11, for a weekly gain of 16.11%. Solana fell less than 0.1% to US$23.94, making it the only token to fall in the top 10, but it is still up 5.1% for the week.
• The cryptocurrency market cap increased 1.4% to US$1.05 trillion, while total trading volume decreased 17.1% to US$47.26 billion.
• On Tuesday, US equities rose. The Dow Jones Industrial Average gained 1.1%, the S&P 500 Index gained 1.5%, and the Nasdaq Composite Index gained 1.7% on the day.
• The performance on Tuesday caps off a strong first month of 2023 for equity markets. The S&P 500 gained 6.2% in the last 31 days for its best January since 2019, while the Nasdaq gained 10.7% in the same period for its best January since 2001.
• Markets rose on the back of strong earnings from Exxon Mobil Corp and Pfizer Inc., both of which reported record profits due to rising oil prices and the continued production of the Covid-19 vaccine.
• The Federal Reserve of the United States sets interest rates on Wednesday at 2 p.m. Eastern Time. CME Group analysts predict the Fed will raise rates by 25 basis points, breaking a streak of 50 and 75 basis point increases since March of last year.
• The Fed’s aggressive rate hikes last year appear to be having the desired effect on inflation control. The Employment Cost Index, released on Tuesday, added 1.0% last quarter, the smallest gain since the end of 2021. The consumer price index in the United States rose 6.5% year on year in December, well below the 7.1% increase in November and the largest monthly decline since April 2020.
• This week brings earnings from technology leaders such as Apple Inc., Amazon.com Inc., and Alphabet Inc., the parent company of search engine Google. Non-farm payroll data, another key inflation indicator, will be released on Friday.

Bitcoin, Ether, and the top ten non-stablecoin cryptocurrencies all fell in early Asian trading on Tuesday, wiping out the majority of Monday’s gains. Cryptocurrencies fell alongside equity markets in the United States overnight, as traders appeared to be taking profits ahead of this week’s Federal Reserve meeting on rates and a slew of technology earnings. Solana was the leader of the losers. Dogecoin recovered some of its losses following reports that Twitter Inc. CEO Elon Musk is looking to add payment systems to the social media platform, and he is a known supporter of the token.

Quick Facts

Bitcoin fell 3.9% to US$22,836 in the 24 hours to 8 a.m. in Hong Kong, bringing its seven-day loss to 0.6%. According to CoinMarketCap data, ether fell 4.8% to $1,566 on Tuesday morning and is down 3.8% for the week.

Solana fell 8.1% to US$23.91, a 1.8% drop over the week after the token saw the biggest gains in CoinMarketCap’s top 10 list on Monday.

Cardano fell 6.3% to US$0.37, a 1% drop in seven days. Polygon fell 7.5% to $1.09, but was still up 9% since last Tuesday.

Dogecoin, the leading memecoin, fell 1.5% to US$0.08, bringing its weekly losses to 1%. The Financial Times reported on Monday that Musk, the world’s second-richest person, is considering adding payment systems to Twitter, which could include cryptocurrency. Musk has long been a supporter of Dogecoin.

Equities in the United States fell on Monday. The Dow Jones Industrial Average fell 0.8%, while the S&P 500 Index fell 1.3%. The Nasdaq Composite Index fell 2% for its worst trading day in five weeks.

The Fed meets on January 31 and February 1 and is expected to raise interest rates by 25 basis points, breaking a streak of 50 or 75 basis point hikes since last March in an attempt to slow the pace of inflation. The rate decision is scheduled for Wednesday.

Last year’s aggressive rate hikes by the Fed appear to have had the desired effect on inflation. The consumer price index in the United States rose 6.5% year on year in December, down from 7.1% in November and the largest monthly decline since April 2020.

Investors are also anticipating earnings reports from technology leaders such as Apple Inc., Amazon.com Inc., and Alphabet Inc., the parent company of search engine Google, this week. Non-farm payroll data, another key inflation indicator, will be released on Friday.

The global crypto market surpassed $1.08 trillion on a day of gains across the board for the overall market. Bitcoin (BTC) and Ethereum (ETH), two of the most popular crypto coins, both remained stable in the $23,000 and $1,600 ranges, respectively. Other popular altcoins, such as Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC), also saw gains. With a 24-hour gain of more than 18 percent, the MINA token became the top gainer.

At the time of writing, the global crypto market cap was $1.08 trillion, representing a 1.82 percent 24-hour gain.

Bitcoin price today
According to CoinMarketCap, the price of bitcoin was $23,740.20, representing a 2.36 percent gain in a 24-hour period. According to the Indian exchange WazirX, the price of Bitcoin was Rs 20.13 lakhs.

Ethereum price today
At the time of writing, the price of ETH was $1,640.01, a 2.87 percent increase in 24 hours. According to WazirX, the current price of Ethereum in India is Rs 1.38 lakhs.

Dogecoin price today
DOGE gained 0.95 percent in a 24-hour period, according to CoinMarketCap data, and is currently trading at $0.08956. According to WazirX, the Dogecoin price in India is Rs 7.53.

Litecoin price today
Litecoin gained 0.33 percent in a 24-hour period. It was trading at $95.10 at the time of writing. In India, the price of LTC was Rs 8,000.

Ripple price today
The price of XRP was $0.4145, up 0.97 percent in 24 hours. According to WazirX, the current price of Ripple is Rs 34.82.

Solana price today
Solana was trading at $25.52, up 6.01 percent in 24 hours. According to WazirX, the SOL price in India was Rs 2,153.

On Friday, most cryptocurrencies extended their losses. The global crypto market cap was $1.03 trillion, with $55.1 billion in volume in the previous 24 hours.

Bitcoin
Bitcoin, the world’s largest and most popular virtual currency, dropped 1.7 percent to $22,760.1. Its market capitalization was $438.2 billion. The total value of trade was $26.3 billion. In the last seven days, the token has increased by more than 7%.

Ethererum
The second largest virtual currency, fell 2.9 percent to $1,567.1, with a market capitalisation of $191.9 billion. In the last 24 hours, Ethereum’s trade volume was $8.6 billion. In the last seven days, the token has gained 0.9 percent.

Dogecoin
Dogecoin, a meme-based virtual currency, fell 2.5 percent on Friday. Its market capitalization was $11.2 billion. The total trade volume was $447.9 million.

Solana
Solana fell 4.3 percent to $23.7, with a $8.8 billion market capitalisation. Solana’s trade volume in the last 24 hours was $809.3 million.

Shiba Inu
Shiba Inu fell 2.3 percent to $6.3 billion in market capitalisation. In the last 24 hours, the trade volume was $229.5 million.

Polygon
Polygon increased by 8.1 percent to $1.1 and now has a market capitalisation of $9.4 billion. In the last 24 hours, the trade volume was $1.1 billion.

Bitcoin price rose today, with the world’s largest and most popular cryptocurrency trading about 3% higher at $23,202. According to CoinGecko data, the global crypto market cap has increased by more than 3% in the last 24 hours to $1.09 trillion.

However, Ether, the second largest cryptocurrency and the coin linked to the Ethereum blockchain, increased by more than 5% to $1,623. Meanwhile, the price of dogecoin today was over 4% higher at $0.08, while Shiba Inu was up over 6% at $0.000011.

Tether, Stellar, XRP, Polkadot, Chainlink, XRP, Solana, Avalance, Polygon, Apecoin, Tron, Solana, Litecoin, and Uniswap prices have all improved in the last 24 hours, as have Tether, Stellar, XRP, Polkadot, Chainlink, XRP, Solana, Litecoin, and Uniswap.

The crypto sector is also still dealing with the fallout from the FTX exchange’s demise. Bitcoin and a gauge of the top 100 tokens both lost more than 60% of their value last year, dragged down by rising borrowing costs and a string of crypto meltdowns. According to CoinGecko data, the overall market value of digital tokens increased by about $250 billion in January.

Many investments soared at the start of 2023 on bets that central banks will slow or even reverse interest-rate hikes in the months ahead. However, the upbeat outlook is vulnerable to reversals, such as if the Federal Reserve, at its policy meeting next week, pushes back against dovish expectations in the ongoing battle against inflation.

In other news, Bloomberg reported that Celsius Network LLC is considering issuing a new digital-asset token to repay creditors as part of a proposal to reorganise and exit bankruptcy as a regulated crypto platform.

On Monday, cryptocurrency prices were mixed. The global crypto market cap was $1.04 trillion, with $51.84 billion in volume in the previous 24 hours.

Bitcoin
Bitcoin, the world’s largest and most popular virtual currency, dropped 0.2 percent to $22,747.6. Its market capitalization was $438.2 billion. The total value of trade was $24.2 billion. In the last seven days, the token has risen 7.4 percent.

“Bitcoin climbed above the $22,900 level over the weekend, the highest in the past five months, as bullish sentiment returned to the market. The current support level is $22,700, and the resistance level is $22,900.

Ethererum
The second largest virtual currency, rose nearly 1.5 percent to nearly $1,640, with a market capitalisation of $200.6 billion. In the last 24 hours, Ethereum’s trade volume was $7.3 billion. In one week, the token has increased by 4.6 percent.

Dogecoin
Dogecoin, a meme-based virtual currency, increased by 7.3 percent on Monday. Its market capitalization was $12 billion. The total trade volume was $841.9 million.

Solana
With a market capitalisation of $9.2 billion, Solana fell 0.5 percent to $24.8. Solana’s trade volume in the last 24 hours was $1 billion.

Shiba Inu
Shiba Inu market capitalisation fell 1.5 percent to $6.7 billion. In the last 24 hours, the trade volume was $389.5 million.

Polygon
Polygon fell 1% to $0.9, with a $8 billion market capitalisation. In the last 24 hours, the trade volume was $389.5 billion.

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