- The uptick in price comes as major equity markets in Asia open for trading Wednesday in the green, shrugging off contagion fears of the U.S.-China equities skirmish, while investors in the region wait for Fed minutes to be released.
- Tokyo's Nikkei 225 opened 1.6%, Korea's KOSPI is up 0.85%, Singapore's Straits Times Index is up 1.4% and Taiwan's TAIEX is flat.
- Hong Kong's Hang Seng Index, which had its worst trading days since the 2008 recession, is up 2.6%. Despite the intense market decline in Hong Kong, bitcoin had been spared from the carnage.
- As the Tuesday trading day came to a close in the U.S., bitcoin and most other cryptocurrencies traded slightly higher given an expectation that the Federal Reserve will raise interest rates by 25 basis points.
- Even with the modest rally, bitcoin and most of the broader crypto market continue in their choppy range of the past few weeks, with geopolitical, economic and regulatory uncertainties perhaps as great as they've been in many years.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.