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Bitcoin Climbs Over $19.5K Amid Wider Rally in Riskier Assets
BTC was up nearly 2% over the past 24 hours, while ether rose 2.7%.
By Jocelyn Yang
Updated Oct 17, 2022, 8:07 p.m. Published Oct 17, 2022, 7:23 p.m.
Bitcoin rose for the second consecutive day and was recently trading just over $19,500, a nearly 2% gain over the past 24 hours and stark contrast from last week’s late roller coaster ride.
The largest cryptocurrency by market capitalization tracked U.S. equity indexes, which also climbed with the tech-focused Nasdaq and S&P 500, recently up 3.5%, and 2.7%, respectively, as investors awaited the latest third-quarter earnings reports and housing data that seem likely to reflect a continued cooling of the real estate market. On Monday, Bank of America became the latest financial services giant to report sagging results, joining Citigroup and Morgan Stanley, among others.
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“The gains [of bitcoin] today mirror those in equity markets, with risk assets more broadly getting the week off to a good start,” Craig Erlam, senior market analyst at foreign exchange market maker Oanda, wrote in a Monday note.
The CoinDesk Market Index was up 0.9% as of press time. Ether (ETH) rose 2.7% to around $1,320.
Monday’s crypto gains also dovetailed with U.K. stocks, which jumped after the country’s treasury chief scrappedhotly criticized tax cut plans that had unsettled investors.
The overall market improvement also resulted from a recent U.S. dollar index (DXY) correction, Joe DiPasquale, CEO of crypto asset manager BitBull Capital, said.
The DXY index, which measures the value of the U.S. dollar against other foreign currencies, recently sank 1.1%, reversing a recent trend, according to MarketWatch’s data.
“Cryptocurrency prices have been positively correlated to the equity markets, so we would expect an oversold bounce in the equity market to benefit cryptocurrencies broadly,” said Will Tamplin, senior analyst at technical research firm Fairlead Strategies.
DiPasquale, however, was cautious about a long-lasting markets' rebound amid current macroeconomic uncertainty.
“Any sustainable reversal is unlikely to materialize in current conditions,” he said.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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