Taipei Blockchain Week is facing a major obstacle in Taiwan's stringent Covid policies; bitcoin holds above its new $20K support level. TheSamReynolds and JPRubin23 report
Ten-year Treasury yield daily close: 3.11%Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index ; Ether is the CoinDesk Ether Price Index ; Gold is the COMEX spot price. Information about CoinDesk Indices can be found atAfter taking a short Sunday dive, bitcoin returned to its new support level above $20,000.
The largest cryptocurrency by market capitalization was recently trading at about $21,250, up about 3% over the past 24 hours. BTC's resilience offered a sliver of reinforcement for investors who thought the crypto's plunge to $19,500 was a precursor to a bigger drop stemming from Fed Chair Jerome Powell's vow to continue the U.S. central banks monetary hawkishness.
"Macro has been in the driver's seat all year, and this week and after Jackson Hole, the market has been reminded that the same type of inflationary headwinds with strong job markets remain," Luke Farrell, a cryptocurrency trader for crypto grading firm GSR, told CoinDesk TV."You're seeing a little bit of a reassessment of the optimism that came after the CPI print last month and a bit of oversold conditions that started in June.
Ether returned to its pattern of outperforming bitcoin, recently rising more than 7%. ETH is now changing hands well above $1,500 after falling well below this psychologically important level over the weekend. The second largest crypto by market cap has been rising more sharply than BTC over the past couple of months as the Ethereum blockchain nears the Merge, which will change the protocol from proof of work to more energy efficient proof of stake.
Other altcoins in the CoinDesk top 20 by market cap were in the green, most of them firmly so with ATOM and LRC recently jumping 12% and 8%, respectively. AVAX rose more than 5%, regaining ground it lost after a self-described"whistleblower" website on Sunday
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