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Thursday, February 2, 2023

Cryptocurrencies rebound after US inflation data: Bitcoin exceeds $18,000

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“Bitcoin is taking advantage of the improvement in risk appetite that we are seeing in the broader markets. After several weeks between $16,000 and $17,000, cryptocurrencies have gained new life on the back of the jobs report and the subsequent spike in risk,” said Craig Erlam, an analyst at Oanda.

Despite the fact that the Fed reiterated its willingness to keep rates at high levels during 2023, the markets continue to expect the Central Bank to cut rate hikes this year.

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“Even though most institutional clients think we’re probably going to go into a recession, they don’t seem to be afraid of it,” Morgan Stanley chief investment officer Mike Wilson explained Tuesday in an interview with CNBC.

“As for the cryptocurrencies themselves, the price action continues to consolidate. Trading volume in the cryptocurrency space has fallen to a corrective level. That indicates that traders are unwilling to participate unless there is a clear uptrend”, said Naeem Aslam, who believes that, in general, optimism prevails in the market.

Good news from FTX

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FTX announced that it has recovered more than $5 billion in liquid money and crypto assets that it will use to pay its creditors, one of the company’s lawyers confirmed Wednesday.

“We have located more than $5 billion in cash, liquid cryptocurrencies and liquid investment securities,” Andy Dietderich, an attorney for FTX, told a bankruptcy judge in Delaware at the start of the hearing last day.

In the rest of the market, general increases. Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE) or Polygon (MATIC) rebounded above 2%. Polkadot (DOT) is one of the ‘tokens’ that rebounded the most this Thursday, adding more than 4% and standing above 5 dollars.

Source: Ambito

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