Bitcoin rises above US$23,000

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

See relat­ed arti­cle: U.S.’ first nuclear-pow­ered Bit­coin min­ing cen­ter to open in Q1

Fast facts

  • Bit­coin, the biggest cryp­tocur­ren­cy by mar­ket cap­i­tal­iza­tion, gained 1.6% to US$23,059 at 4 p.m. in Hong Kong on Tues­day, after gain­ing 9.12% over the week. Ethereum inched up 0.13% to US$1,635 in the same 24 hours, a gain of 4.63% in the past sev­en days, accord­ing to Coin­Mar­ket­Cap data. 
  • Polka­dot led gains, ris­ing 5.16% to US$6.61 on the day and gain­ing 10.03% on the week. The increase comes amid the suc­cess­ful start of XCM cross-con­sen­sus mes­sage for­mat ver­sion 3, one of Polkadot’s inter­op­er­abil­i­ty ini­tia­tives and that report­ed­ly improves cross-chain communication.
  • Binance’s token BNB strength­ened 4.84% to US$318, a gain of 5.99% on the week, after Binance said Sig­na­ture Bank will not han­dle trans­ac­tions of less than US$100,000 for Signature’s cryp­to exchange cus­tomers from February. 
  • Many Asian equi­ty mar­kets were closed on Tues­day for the 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, chief exec­u­tive and chief invest­ment offi­cer of ARK Invest­ment Man­age­ment, expects the U.S. Fed­er­al Reserve to piv­ot from its inter­est rate stance in 2023 after recent eco­nom­ic indi­ca­tors sug­gest­ed infla­tion has peaked in the U.S.
  • The Fed will meet next on Jan. 31 to Feb. 1 to decide on inter­est rates. Ana­lysts from CME Group antic­i­pate a 99.8% chance of a 25 basis point increase. 
  • See relat­ed arti­cle: India’s CoinD­CX exchange says cryp­to tax rules are reduc­ing gov­ern­ment revenue

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