First Mover Asia: Bitcoin Sinks Below $23K

First Mover Asia: Bitcoin Sinks Below $23K

Prices: Bitcoin rose slightly to break a four-day losing streak; ether also climbed.

Insights: South Korea has growing crypto community that is still trying to make sense of the Terra debacle and other issues affecting the industry.

Catch the latest episodes of CoinDesk TV for insightful interviews with crypto industry leaders and analysis. And sign up for First Mover, our daily newsletter putting the latest moves in crypto markets in context.

Prices

●Bitcoin (BTC): $22,802 −2.6%

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●Ether (ETH): $1,813 −1.8%

●S&P 500 daily close: 4,283.74 +0.2%

●Gold: $1,770 per troy ounce +0.5%

●Ten-year Treasury yield daily close: 2.88% −0.01

ALSO, READ 2% Increase In Oil Prices As US Dollar Drops

Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.

First Mover Asia: Bitcoin Sinks Below $23K

Bitcoin Breaks Its Losing Streak

Cryptos spent most of Thursday on the upswing before sinking late in the day.

The price of bitcoin was recently about $22,800, down roughly 2.5% from the previous day. The biggest cryptocurrency by market value has fallen precipitously since last weekend, when it reached a two-month high above $25,000.

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After the release of minutes from the most recent Federal Open Market Committee (FOMC) meeting revealed that American central bankers were unlikely to lessen their present monetary hawkishness, BTC slipped below a bullish trendline late on Wednesday.

To combat excessive inflation, the Fed Reserve has increased interest rates by a significant 75 basis points at each of its most recent two sessions.

Ether, the second-largest cryptocurrency by market value behind Bitcoin, was recently trading at a price of little over $1,800, down more than 2% from yesterday, and a far way from the $2,000 level it was still teetering on late on Sunday. The anticipation for the merge has waned recently.

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“Bitcoin is is range bound at the moment,” said Nauman Sheikh, managing director at investment advisors Wave Financial, told CoinDesk TV’s First Mover program. “It’s hit a $25,000, sort of resistance level. So has Ethereum hit a 2000 resistance level. We’re in a mode where the macro environment is supportive of the market, and we’ll retest those resistance levels and hopefully break.”

First Mover Asia: Bitcoin Sinks Below $23K

Major altcoins that spent much of Thursday in promising territory also dove downward late in the day with YGG and OP recently plunging more than 14% and 13%. Popular meme coins DOGE and SHIB continued their retreat from early-week euphoria that sent their prices up double-digits with each recently sinking more than 10%.

Major equity traded sideways with the tech-focused Nasdaq and S&P 500 each rising a fraction of a percentage point as investors continued to weigh economic indicators and earnings that has often pointed in conflicting directions.

ALSO, READ Bitcoin Mining Stocks Double In A Month As Production Increased

On Thursday, the National Association of Realtors reported a sixth consecutive monthly decline in housing starts adding evidence of an economy cooling from the sting of Fed rate cuts. But initial jobless claims for the week ending August 13 fell short of expectations as did the four-week average, underscoring the economy’s stubborn strength.

Crypto news

The HUSD stablecoin, which is issued by Stable Universal, fell to 92 cents, an 8% drop from its planned $1 peg, according to CoinMarketCap prices early Thursday. And South Korea’s anti-money laundering authority has started scrutinizing 16 foreign crypto firms it says have been operating in the country without proper regulatory approval, the agency said in a statement.

Despite the price drop over the past few days, Wave Financial’s Sheikh noted optimistically that crypto “speculation” has recently returned. “The crypto anatomy narratives are strong at this point,” he said, adding: “Speculation is going on. It’s not all about Bitcoin and Ethereum. But the narrative is preading an dpeople are beginning to take more risk.”

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