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Bitcoin Rebounds Above $19K
The largest cryptocurrency in market value was trading at $19,350, although analysts remain skeptical of a longer-lasting rally.
By Jocelyn Yang
Updated May 11, 2023, 3:46 p.m. Published Sep 7, 2022, 10:57 p.m.
Bitcoin (BTC) rebounded above $19,000 support in Wednesday trading.
BTC was recently at $19,400, over a nearly 2% increase. The largest cryptocurrency by market capitalization dropped to $18,558 the previous day, its lowest point in two months.
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Yet, analysts remained skeptical of a longer-lasting rally.
“In general, this macro environment is hostile to all risk assets, including bitcoin … which is (driven by) the Federal Reserve’s raising rates and Europe and U.S. ESG (environmental, social and corporate governance) energy policies combined with post [COVID-19] growth and the Russia-Ukraine war,” Alexandre Lores, director of blockchain markets research at Quantum Economics wrote CoinDesk in a Telegram message.
Meanwhile, equities markets closed higher Wednesday as investors regained some appetite for riskier assets, at least temporarily The tech-focused Nasdaq and S&P 500, which has a tech heavy component, each rose about 2%. Bitcoin has spent much of the year tracking tech stocks.
Craig Erlam, senior market analyst for Oanda, was wary of predicting a continued price increase. “The question now is whether we could see another spiral, as we so often have in the past, in the event that bitcoin breaks the summer lows around $17,500 to trade at late 2020 levels,” Erlam wrote in an email.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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