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Bitcoin Recovers $19K Though Inflation Fears Haunt Market
The largest cryptocurrency's price had slipped earlier Tuesday to its lowest in almost two weeks, but the market recovered as U.S. stocks rebounded.
By Jocelyn Yang
Updated Oct 11, 2022, 7:36 p.m. Published Oct 11, 2022, 6:38 p.m.
Bitcoin (BTC) reclaimed the $19,000 mark, rebounding with traditional markets after earlier Tuesday touching the lowest price in almost two weeks.
The CoinDesk Market Index fell by 0.22% over the past 24 hours. At press time, bitcoin, the largest cryptocurrency by market value, was changing hands around $19,100, up from the low of $18,860 earlier Tuesday. Ether (ETH), the native cryptocurrency of the Ethereum blockchain and the second-largest overall, was down 1.7%.
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Bitcoin appeared to be staying in sync with traditional markets, where stocks rose as investors scooped up bargains after a five-day losing spell in the S&P 500.
Joe DiPasquale, CEO of crypto hedge fund manager BitBull Capital, told CoinDesk that sentiment around bitcoin remains bearish, with the U.S. Federal Reserve expected to keep tightening monetary policy to tamp down soaring inflation.
The U.S. Labor Department’s Consumer Price Index report for September, due out Thursday, is expected to show inflation slowing to 8.1% from 8.3%, but the elevated rate would still represent four times the Fed’s 2% target for price rises.
“Until the Fed signals a return to easing, markets are likely to remain under pressure,” DiPasquale told CoinDesk via an email. “Now BTC needs to retain $19,000 to prevent sharper downside moves.”
Over the past week, digital asset markets have held up better than stocks, but the correlation between the asset classes remains strong, and analysts say cryptocurrencies might continue to follow traditional markets.
Russia-Ukraine implications
The ongoing Russia-Ukraine war continues to sow anxiety and turbulence throughout global markets. According to the BBC, Russian strikes continued into Tuesday, with at least 19 people killed across Ukraine, including in Kiev. One concern is whether escalating geopolitical concerns might hit the economy, possibly damping any mood among investors for risk taking.
According to Reuters, Turkey’s defense minister, after a phone call with his Russian counterpart, said Tuesday in a statement that he emphasized “the importance of declaring a ceasefire urgently.”
A ceasefire could be a straightforward catalyst to carry global markets “out of the dark,“ according to Sheraz Ahmed, managing partner at STORM Partners. “This seems to be rather unlikely, seeing the current situation.”
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What to know:
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