The largest cryptocurrency by market capitalization was recently trading at about $23,300, up slightly over the last 24 hours and roughly where it started the weekend. Bitcoin fell below $23,000 early Friday following the U.S. Labor Department report – which doubled most analysts’ expectations for July job growth – before regaining its previous perch above the threshold. The additional jobs countered previous indicators suggesting the economy was slowing enough to allow the U.S. central bank to soon scale back steep interest rate increases that many investors believe will cast the economy into a recession and send riskier assets spiraling.
Bitcoin has lost more than 50% of its value since the start of the year, plummeting with stocks, as investors fretted about the dual threats of inflation and economic contraction. Digital assets have rallied along with stocks over the past three weeks, however, amid hopeful signs, and held fast the past three days.
“If Bitcoin can hold onto the $23,000 level, that could be very promising for the medium-term outlook,” Oanda Senior Market Analyst Americas Edward Moya wrote in an email, adding optimistically. “Bitcoin has been stabilizing here and could see further bullish momentum on the break of the $25,000 level.
Ether, the second largest crypto by market cap, was recently trading hands at approximately $1,700, up roughly a percentage point and about where it stood when the weekend began. Other major cryptos were mixed with Theta and ATOM rising over 7% and 6%, respectively at one point, but FIL dropping more than 5%.
Cryptos tracked major equity markets on Friday, which dropped following the jobs numbers before regaining ground in the afternoon to finish flat. The tech-heavy Nasdaq fell 0.5% on Friday while the S&P 500, which has a strong technology component, was down 0.2%. Both indexes nevertheless advanced for a third consecutive week, buoyed not only by signs of slowing growth but upbeat forecasts by a number of global technology and financial services brands.
This being the first set of conferences in Asia post-Covid, there should be a certain energy in the air. And by all means, there’s an excitement about the return of in-person conferences to the continent – masks and all – but the ghost of the Terra blockchain’s spectacular crash still looms large.
Almost immediately after the article was published, a public-relations representative for Terraform Labs got in touch with CoinDesk – not to dispute the veracity of the story – the Hashed founder later confirmed the amount in an early August interview with Bloomberg – but rather to ask that language be toned down regarding Hashed’s participation in Terra’s funding rounds. Law enforcement was looking at anyone that touched the fundraise with the country’s largest magnifying glass.
Of course the question on everyone’s mind, is will someone get served at Korea Blockchain week? So far, there have been no reports of process servers gracing BUIDL Asia and Eth Seoul with their presence, but these were small events for what’s to come.
This content was originally published here.
