Bitcoin rallies above US$23,000 as most of the top 10 crypto tokens gain ground

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Bitcoin prices bounced back above US$23,000 in Wednesday morning trading in Asia. Ether and most of the other top 10 non-stable cryptocurrencies also rebounded from yesterday’s losses amid strong gains in US stocks in January and optimism that the US economy is heading for a soft landing. slowly. Top memecoin Dogecoin led the pack, still benefiting from Monday’s reports that longtime advocate and Twitter Inc. boss Elon Musk is looking to bring payment systems to the social media platform.

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Fast facts

Bitcoin rose 1.3% to US$23,133 in the 24 hours to 8 a.m. in Hong Kong, taking its gains to 2.2% over the past seven days. Ether added 1.2% to US$1,586 and is up 1.9% for the week, according to data from CoinMarketCap.

Dogecoin rose 8.7% to change hands at US$0.09, a weekly increase of 14.3%. While Monday’s report focused on adding fiat payments to Twitter, Musk left the door open for this to be extended to cryptocurrency as well.

Cardano rose 4.8% to US$0.39, an 8.7% gain over the past seven days. Polygon climbed 2.1% to US$1.11 for a solid weekly gain of 16.11%. Solana fell less than 0.1% to US$23.94, the only token to slip on the top 10 list, but is still up 5.1% for the week.

Crypto market capitalization rose 1.4% to US$1.05 trillion as total trading volume fell 17.1% to US$47.26 billion.

US stocks gained on Tuesday. The Dow Jones Industrial Average rose 1.1%, the S&P 500 Index gained 1.5% and the Nasdaq Composite Index ended the day up 1.7%.

Tuesday’s performance completes a strong first month of 2023 for equity markets. The S&P 500 gained 6.2% in the past 31 days for the best start to the year since 2019, while the Nasdaq jumped 10.7% in the same period for its best January since 2001.

Markets gained on strong earnings, with Exxon Mobil Corp and Pfizer Inc. both posting record profits on the back of soaring oil prices and continued production of Covid-19 vaccines.

The U.S. Federal Reserve decides interest rates Wednesday at 2 p.m. Eastern Time. CME Group analysts overwhelmingly expect the Fed to hike rates by 25 basis points, breaking the streak of 50 and 75 basis point hikes since March last year.

The Fed’s aggressive rate hikes last year seem to be having the intended effect on slowing inflation. In December, the US consumer price index rose 6.5% year-on-year, a far cry from November’s 7.1% and the biggest monthly drop since April 2020.

Earnings from tech leaders are coming in this week, including Apple Inc., Amazon.com Inc. and Alphabet Inc., the parent company of search engine Google. Non-farm payrolls data is also released on Friday, another key indicator of inflation.

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