[Weekend movement]Bitcoin exceeds $ 21,000 | coindesk JAPAN | coin desk Japan

[Weekend movement]Bitcoin exceeds $ 21,000

[Weekend movement]Bitcoin exceeds $ 21,000 | coindesk JAPAN | coin desk Japan 1

Bitcoin (BTC) and Ethereum (ETH) continued their gains over the weekend.

latest price

● CoinDesk Market Index (CMI): 1,004.63, -0.4%
Bitcoin: $20,868, -0.3%
Ethereum: $1,554, +5.7%

● S&P500: 3,999.09, +0.4%
Gold: $1,920, +0.1%
US 10-year yield: 3.51%, +0.1

Bitcoin climbed above $21,000 over the weekend for the first time since early November last year, supported by lower inflation and a brighter economic outlook, before retreating slightly.

At the time of this writing, it was around $20,830, roughly flat over the 24-hour period, but has already climbed 25% so far this year.

Investors' confidence in the Fed's ability to keep inflation in check without triggering a recession has contributed to the rise. Most risk assets have trended higher this year.

“We see the current rally in digital assets as a market reversal, not a rally in a bear market,” said Mark Connors, head of research at Canadian digital asset manager 3iQ. says Mr.

He wrote in his weekly market analysis on the 13th that the early January rally in altcoins, including Solana (SOL) (Solana is up about 80% year-to-date), “spreads into the core Layer 1 blockchain.” He also notes that recent Fed governors have become somewhat accommodative, noting that “the extent of interest rate hikes and the potential for balance sheet shrinkage… It was a sign,” he continued.

“Importantly, the decline in the last 12 months was the largest since 1959. Bitcoin is seen as a hedge against currency debasement, not inflation. So this is related to digital assets,” Connors said.

Ethereum moved in a similar fashion to Bitcoin. The late-week momentum continued on Thursday, with the price falling slightly after hitting a two-month high. At the time of writing this article, it is around $ 1550, almost flat in 24 hours.

Other major assets are mixed. Collapsed FTX token FTT rises 35% near $2. Solana (SOL), which has risen in recent weeks, is down about 5%. Descentland (MANA) rose more than 16%.

The US stock market will be closed on the 16th for Martin Luther King Jr. Day. The major indices ended the week higher on the 13th.

But as many observers are predicting, a downturn in corporate earnings and the like could cut short-lived asset gains.

About two-thirds of economists in the Wall Street Journal's quarterly survey expect the U.S. to enter a recession this year. That's about the same percentage as the last survey, but many economists seem to think the recession will be gradual.

Joe DiPasquale, CEO of crypto asset management firm BitBull Capital, cautioned that market participants should exercise caution amid such a rally and wait for price stabilization.

“We remain positive on consolidations below $18,000 and our long-term outlook for 2023 remains range-bound consolidation,” DiPasquale said.

|Translation: coindesk JAPAN
|Editing: Takayuki Masuda
|Image: CoinDesk
|Original: First Mover Asia: Bitcoin Surges on Inflation Tailwinds, Hovers Near $21K

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