Bitcoin (BTC), 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 per data from CoinGecko.
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The uptick in price comes as major equity markets in Asia open for trading Wednesday in the green, shrugging off contagion fears of the US-China equities skirmish, while investors in the region wait for Fed minutes to be released.
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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.
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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.
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As the Tuesday trading day came to a close in the US, Bitcoin and most other cryptocurrencies traded slightly higher given an expectation that the Fed will raise interest rates by 25 basis points.
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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.
