But as markets in Asia open, it remains uncertain whether the recovery will last since bitcoin’s spot trading volume across major centralized exchanges on Sunday was thin. MuyaoShen and DantesOutlook report
Bitcoin pushed past the $42,000 level over the weekend, after last week’s broad market bloodbath, which sent the No. 1 cryptocurrency by market capitalization spiraling toward $40,000 from about $48,000. At the time of publication, ether and most of the altcoins in CoinDesk’s top 20 by market capitalization were up, although still way down over the past week.
Bitcoin and most other cryptocurrencies fell last week amid the Federal Reserve’s release of minutes from its December meeting. The Fed signaled that it would tighten monetary policy faster than was once expected. The leading cryptocurrency fell to as low as $40,505.3 on Coinbase on Saturday, its lowest level since Sept. 21, before it rebounded above $42,000, data from TradingView and Coinbase show.
But as markets in Asia open, it remains uncertain whether the recovery will last since bitcoin’s spot trading volume across major centralized exchanges on Sunday was thin, according to data compiled by CoinDesk. Bitcoin fell for six straight days before the weekend and the downward move escalated after the Fed minutes showed that policymakers discussed aggressive interest rate hikes and a faster pace to normalize its balance sheet.
“The minutes confirmed a strong hawkish bias with markets now pricing in a 90% chance of a Fed [rate] hike in March,” Singapore-based crypto quant trading firm QCP Capital wrote in its Telegram channel on Sunday. “...In the bigger picture, it seems likely that the all-time highs in BTC and ETH will remain capped for most of 2022 as a result of central bank tightening.”
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