Push past $40,000 comes as major Asian equity markets open in the green at the start of Wednesday’s trading session and the market awaits Fed decision.Read MoreFeedzy
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.
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.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
