Bitcoin Surpasses USD 23,000; Polkadot and BNB Lead Earnings Among Top 10 Cryptos

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Bitcoin broke above the resistance line of US$23,000 in Tuesday afternoon trading in Asia, with most of the other top 10 non-stable cryptocurrencies by market capitalization also higher. Polkadot and BNB led the gains as equity markets rose on expectations of less aggressive rate hikes from the US central bank.

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Fast facts

Bitcoin, the largest cryptocurrency by market capitalization, gained 1.6% to US$23,059 as of 4 p.m. Hong Kong on Tuesday, after gaining 9.12% for the week. Ethereum rose 0.13% to US$1,635 in the same 24 hours, a gain of 4.63% over the past seven days, according to data from CoinMarketCap.

Polkadot led the gains, rising 5.16% to US$6.61 on the day and gaining 10.03% on the week. The increase comes amid the successful launch of version 3 of the XCM cross-consensus message format, one of Polkadots’ interoperability initiatives and which is said to improve communication between channels.

Binances BNB token strengthened 4.84% to $318, a 5.99% gain over the week, after Binance said Signature Bank would not process transactions below $100,000 for customers from the Signatures crypto exchange starting in February.

Many Asian stock markets were closed on Tuesday for Lunar New Year celebrations. Japan’s Nikkei 225 rose 1.46% and India’s Sensex gained 0.12% at 3:08 p.m. local time.

Cathie Wood, managing director and chief investment officer of ARK Investment Management, expects the US Federal Reserve to back down from its interest rate stance in 2023 after recent economic indicators suggest inflation has peaked in the United States

The Fed will then meet from January 31 to February 1 to decide on interest rates. CME Group analysts predict a 99.8% probability of a 25 basis point hike.

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