Prices: Bitcoin Rebounds Above $20K Ether rises
prices
Bitcoin (BTC): $20,285 +3.1%
Ether (ETH): $1,547 +7.7%
S&P 500 daily close: 4,030.61 −0.7%
Gold: $1,751 per troy ounce +0.9%
Ten-Year Treasury Yield Daily Close: 3.11% +0.07
Prices of bitcoin, ether and gold are taken at approximately 4 p.m. New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at Coindesk.com/indices.
Bitcoin returns to its $20K perch
After a minor dive on Sunday, bitcoin returned to its new support level above $20,000.
The largest cryptocurrency by market cap was recently trading at around $21,250, up nearly 3% over the past 24 hours. BTC’s resilience offered reinforcement for investors who thought the cryptocurrency had fallen to $19,500, a harbinger of a major decline stemming from Fed Chairman Jerome Powell’s resolve to continue with US central bank monetary fervor .
“Macros have been in the driver’s seat all year long, and this week and after Jackson Hole, the market has been reminded that the same kind of inflation is expected with a strong job market,” said Luke Farrell, a cryptocurrency trader at crypto grading firm GSR. The headwind remains.” told CoinDesk TV. “You are seeing a little bit of a reappraisal of the optimism that came after the CPI print last month and some of the oversold conditions that started in June.”
Ether returned to its pattern to outperform Bitcoin, having recently gained over 7%. After falling significantly below this psychologically important level over the weekend, ETH is now changing hands above $1,500. The second largest crypto by market cap has been growing more rapidly than BTC over the past few months as the Ethereum blockchain nears a merge, which will transform the protocol from proof of work to a more energy efficient proof of stake.
Other altcoins in CoinDesk’s top 20 by market cap were in the green, most of them strongly, with ATOM and LRC recently up 12% and 8% respectively. AVAX rose more than 5% on Sunday, regaining lost ground after a self-described “whistleblower” website called Ava Labs, the company behind Avalanche, the Layer 1 blockchain, hurting competitors and keeping regulators at bay. Accused of paying lawyers to keep On Monday, Emin Gunn Serer denied Ava Labs had been involved in any behind-the-scenes smear campaigns.
Equity markets declined 1% and 0.7%, respectively, in the tech-focused Nasdaq and S&P 500 indexes. US Treasury yields rose as panicked investors sold government bonds. On Tuesday, the conference board released its monthly consumer confidence index, a widely watched measure of sentiment about the economy. The group’s final report in July found a loss in confidence, albeit at a more moderate pace than in June when inflation hit 9.1%.
In its weekly fund flow report, CoinShares noted a total outflow of $46 million for the third week in a row. The report states that $29 million in bitcoin outflows is the largest of this amount. ,[O]Ur latest @CoinSharesCo fund flow report in two words: investor apathy. There is no near-term catalyst on the horizon and so we wait…,” CoinShares Chief Strategy Officer Meltem Demirors tweeted,
GSR’s Farrell said volatility should remain “increased” in the short term as markets await next month’s consumer price index (CPI), the merger and the next meeting of the Federal Open Market Committee, which is now expected to yield another 75 basis points. is likely to. increase in interest rate. “There are a lot of different data points coming in for the market to consider and that means a little bit more volatility to short tune,” he said.
Source - https://trends.crast.net/first-mover-asia-taipei-blockchain-week-affected-by-governments-covid-19-quarantine-bitcoin-rebounds-above-20k/
