Bitcoin bounced back above US$28,000 on Friday morning in Asia amid a rebound in all top 10 non-stablecoin cryptocurrencies and gains in equities overnight. The market shrugged off the latest warnings from U.S. regulators to crypto platforms. Litecoin led the gains. U.S equities rose on Thursday after Treasury Secretary Janet Yellen said she would take “additional actions” to protect customer deposits if necessary, following a raft of bank failures this month.
See related article: Terra-Luna co-founder Do Kwon reportedly arrested in Montenegro
Bitcoin rose 3.19% to US$28,225 in the 24 hours to 09:00 a.m. in Hong Kong, gaining 13.02% for the week, according to CoinMarketCap data. The world’s largest cryptocurrency has surged 70% so far this year.
However, U.S. dollar to Bitcoin liquidity is worsening due to the shutdown of crypto-friendly banks such as Silvergate Bank and Signature Bank this month that reduced access to U.S. dollar payment services. Bitcoin liquidity fell to a 10-month-low in March, according to a tweet by crypto data platform Kaiko on Friday.
Ether climbed 4.12% to US$1,811, a weekly gain of 8.54%.
Litecoin was the biggest winner for the past 24 hours, gaining 7.07% to US$92.86 and up 18.09% for the week. The next halving event of the token is scheduled in August this year and previous halvings have tended to be preceded by price gains.
The U.S. SEC issued an investor alert on Thursday to advise caution about the risks in “crypto asset securities,” stating that some providers of crypto investment services are not complying with federal securities laws, adding to the escalating conflict between U.S. regulators and crypto firms.
The total crypto market capitalization rose 3.36% in the past 24 hours to US$1.19 trillion. Total trading volume over the last 24 hours dropped 19.78%% to US$55.26 billion.
In the non-fungible token (NFT) market, the Forkast 500 NFT index edged up 0.21% to 4,120.05 points as of 09:30 a.m. in Hong Kong. The index is a proxy measure of the performance of the global NFT market and includes 500 eligible smart contracts on any given day. It is managed by Forkast sister company, CryptoSlam.
U.S. equities closed higher on Thursday. The Dow Jones Industrial Average edged up 0.23%, the S&P 500 gained 0.30%, and the Nasdaq Composite Index gained 1.01%.
The rebound in equities followed Janet Yellen’s Thursday testimony to the U.S. Congress, reaffirming that the Treasury would take additional actions to secure bank deposits if necessary. This a day after she backed away from offering a blanket backstop for troubled banks.
On the inflation front, after the Federal Reserve’s 25-basis-point rate hike on Wednesday, Fed Chair Jerome Powell said at a press conference that the Fed’s goal to bring annual inflation to the 2% range remains firm, and interest rates will be raised as needed to achieve this.
The Fed’s next meeting on interest rate is May 3. Analysts at the CME Group expect a 65.8% chance the Fed will keep the rates at 4.75% to 5%. The chance of another 25 basis-point hike is at 34.2%, down from 49.4% on Wednesday.
Ahead of the opening of U.S. equity markets on Thursday, stock futures inched higher as of 9:00 a.m. in Hong Kong. Dow Jones Industrial Average futures moved up 0.06%. S&P 500 futures gained 0.08%. The Nasdaq Composite Index edged up 0.01%.
See related article: South Korea arrests former Coinone exchange official for alleged crypto-listing bribery
Related Quotes
United Therapeutics (UTHR) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
RPM International (RPM) benefits from robust acquisition and Margin Achievement Plan 2025. However, inflationary pressure and foreign exchange risks hurt.
“We’re bound by the will of the order flow providers,” the pseudonymous CEO Hazard said on a community governance call.
(Bloomberg) — TikTok CEO Shou Chew’s attempts to win over Congressional lawmakers Thursday failed. But the more crucial fight to prevent the short-video app from being punished or banned is likely to play out in the the US legal system. Most Read from BloombergRussia Seeks 400,000 More Recruits as Latest Ukraine Push StallsDeutsche Bank Drops in Selloff Citi Describes as Irrational‘Zoom Towns’ Exploded in the Work-From-Home Era. Now New Residents Are Facing LayoffsBuy-or-Rent Premium Is Highest
The inaugural virtual event includes keynote speaker Anthony Scaramucci and leaders from Cosmos and TronDAO. DETROIT, March 22, 2023 – Benzinga, a leader in Web3 and traditional finance investing information, has announced a new virtual event series, Crypto Unlocked. The goal of the events is to bring viewers closer to the projects and people that shape the Web3 space with panel format discussions. The first episode of the series is titled “Investor Security & Decentralization” and will be live
Following a two-year investigation, Hindenburg Research claims Block Inc. has taken advantage of the demographics by overstating its user numbers and understatong its customer acquisition costs.
Filing taxes on crypto assets is a 'massive pain in the proverbial butt,' writes Don Gossen of Nevermined. As IRS deadlines loom large, how can responsible investors avoid underreporting or overpaying?
(Bloomberg) — Bitcoin resumed its push back toward $30,000 and smaller digital tokens rallied as a broad renewal in risk appetite prompted investors to downplay a widening regulatory crackdown. Most Read from BloombergJack Dorsey’s Block Vows to Fight Back After Hindenburg Says It’s Short the StockUBS Sends Khan to Stem Credit Suisse’s Private Banker ExitsJack Dorsey’s Wealth Tumbles $526 Million After Hindenburg ShortUS Fears a War-Weary World May Embrace China’s Ukraine Peace BidCredit Suisse
The brokerage’s stock has plunged by more than a third this year as customers yank cash from low-yielding “sweep” accounts. What’s ahead.
Since the banking crisis began, investors have been looking toward the Federal Reserve. The central bank’s move on interest rates had been widely anticipated, and investors were eager for a sign to indicate whether the Fed saw inflation or a bank run crisis as the greater threat. With central bank’s announcement of a 25 basis point rate hike, or 0.25%, the impression is that the Fed has tried to take a middle path, and is slowing its interest rate policy to calm the banking sector while not aban
Market turmoil is sending nervous investors into cash, but there are several options better than parking it in a mattress.
So much for market calm.
Never underestimate the stock market’s ability to prioritize hope over experience. Hope would suggest that everything will work out fine: The banking panic that began with Silicon Valley Bank’s collapse is just a blip; the Federal Reserve’s quarter-point interest-rate hike, despite the turmoil in the financial system, is sound monetary policy; and the bounce that began in October really was the start of a new bull market. As Fed Chairman Jerome Powell acknowledged on Wednesday, the latest one is sure to slow the economy.
The market rally attempt rose in a volatile week, but hasn't broken out or broken down. Here's what to do. Microsoft and Tesla are near buy points.
The world remains on a knife-edge. After a period of relative calm following the bailout of Credit Suisse, the FTSE 100 has ended the week firmly in the red again amid another sharp sell-off in bank stocks.
“We've been assured there really isn't a problem in the eurozone banking system”, the finance minister of one member state told me last week in the wake of the Credit Suisse collapse. “I'm not worried by current developments”.
Total household balances in retirement accounts for those 55 to 64 years old are $413,814 on average, according to its estimates based on 2019 data, the most recent available. “For many, the expectation of retirement doesn’t match the facts of their everyday financial lives,” said Larry Raffone, chief executive of Edelman Financial Engines. Dana and Elsie Jones hoped to become snowbirds in retirement, living half the year in Florida.
(Bloomberg) — Block Inc. co-founder Jack Dorsey’s net worth was hammered after Hindenburg Research’s latest report, which alleged the payments company ignored widespread fraud. Most Read from BloombergUBS Sends Khan to Stem Credit Suisse’s Private Banker ExitsJack Dorsey’s Block Vows to Fight Back After Hindenburg Says It’s Short the StockJack Dorsey’s Wealth Tumbles $526 Million After Hindenburg ShortCredit Suisse, UBS Among Banks in DOJ Russia-Sanctions ProbeDorsey’s fortune plunged by $526 m
(Bloomberg) — Federal Reserve Bank of San Francisco President Mary Daly, who is among senior central bankers whose role in the collapse of Silicon Valley Bank is under scrutiny, has pulled out of an appearance at a conference hosted by her bank.Most Read from BloombergRussia Seeks 400,000 More Recruits as Latest Ukraine Push StallsDeutsche Bank Drops in Selloff Citi Describes as Irrational‘Zoom Towns’ Exploded in the Work-From-Home Era. Now New Residents Are Facing LayoffsBuy-or-Rent Premium Is
Experts say investors may be able to generate attractive, short-term returns as the Fed continues to raise rates