Bitcoin and Ether rose in Thursday morning trading in Asia, along with all top 10 non-stablecoin cryptocurrencies. Polygon led the gains. The rebound came against a backdrop of declines in U.S. equities on Wednesday amid more concerns about inflation readings and how this may influence Federal Reserve interest rate policy. However, strong signs of a resurging China economy is raising the appetite for risk assets.
See related article: Bitcoin’s price gains this year bring needed relief to cash-strapped crypto mining industry
Fast facts
- Bitcoin rose 2.11% in the past 24 hours to US$23,639 as of 8 a.m. in Hong Kong, according to CoinMarketCap data. The world’s largest cryptocurrency by market cap narrowed its decline for the past seven days to 2.25%. Ether gained 3.57% to US$1,663 for a weekly increase of 1.24%.
- Polygon gained 4.52% to US$1.25. The blockchain platform launched Polygon ID on Wednesday, a product based on the zero-knowledge proofs (ZK) technology, which allows users to issue verifiable credentials without exposing private information. However, the token has some ground to make up as it’s still down 10.63% for the seven day period.
- Litecoin rose 4.21% to trade at US$97.74. Crypto intelligence company IntoTheBlock reported on Tuesday that about 53% of Litecoin holders are sitting on gains, compared with a low of less than 15% in 2022. Litecoin replaced Shiba Inu in the number 10 slot of largest non-stablecoin cryptocurrencies by market cap, and added 2.76% for the week.
- The total crypto market capitalization rose 1.57% in the past 24 hours to US$1.08 trillion. And the total trading volume over the last 24 hours increased 13.91% to US$48.60 billion.
- February data on China’s manufacturing activity released Wednesday bounced back to the highest in almost 11 years, reflecting the country’s abolishment of its zero-Covid policy and offering signs the world’s second largest economy could help lift global trade and investment.
- However, U.S. equities closed generally lower on Tuesday. The Dow Jones Industrial Average was little changed with a dip of 0.02%, the S&P 500 dropped 0.47% and the Nasdaq Composite Index fell 0.66%.
- The focus in the U.S. remains inflation and Federal Reserve interest rate policy. Reuters reported the discussions among Fed officials is whether a further larger hike in rates is needed or smaller increases and holding rates higher for longer is the more suitable policy to bring inflation down and ensure a soft landing for the economy.
- The Fed set U.S. interest rates between 4.5% to 4.75% in February, the highest since October 2007. Analysts at the CME Group expect a 70.1% chance that the Fed will raise rates by another 25 basis points this month. They also predict a 29.9% chance for a raise of 50 basis points, an increase from 24.0% as reported on Wednesday.
See related article: Creation of U.S. digital dollar would ‘crowd out’ crypto: ex-Biden adviser
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