Bitcoin Tops $41K in Crawl Back From $37K Weekend Lows
The push past $41,000 comes as major Asian equity markets open in the green at the start of Wednesday's trading session and the market awaits the Federal Reserve decision.
Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, broke above the $41,000 mark after tumbling as low as $37,000 this past weekend. Bitcoin is trading up 6% over the past 24 hours, according to data from CoinGecko.
- 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.
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