Here's what's happening in markets: 1. Bitcoin rallies above $29K after dipping below $28K during US trading hours. 2. Consensus2023 kicks off. Regulators and developers are struggling to find linguistic consensus, writes DanielGKuhn By JPRubin23
Over the space of 24 hours, bitcoin went from good to bad to somewhere in the middle.
The largest cryptocurrency by market capitalization was recently trading over $29,000, up more than 2.4% from the previous day but well off its Wednesday morning peak of $30,000. BTC fell as low as $27,264 at one point as investors considered some $310 million of losses from liquidations – both long and short positions – over a one-day period.
In an email to CoinDesk, Markus Levin, co-founder of blockchain-based geospatial oracle network XYO Network, also noted the possible impact of separate rumors that the the U.S. government was jettisoning a large amount of bitcoin, and that coins from long-disgraced crypto exchange Mt. Gox would be sold on the market. But Levin added optimistically that the market rebounded quickly – evidence of bitcoin's months-long resilience.
"It seems like these were primarily just rumors, however, what is interesting to see from all this is how much of the selling that was triggered by this event was ultimately absorbed by the market," he wrote."The market is rather jittery right now, yes, but Bitcoin is looking stronger and stronger from the lows late last year.”
Ether was recently trading at about $1,910, up 2.4% over the previous 24 hours and not far off where it started Wednesday. The second largest crypto in market value dipped below $1,800 at one point on Wednesday. Other major cryptos also seesawed but were recently in the green. TheAsian markets were mixed Thursday morning with the Hang Seng and Nikkei up slightly. U.S. markets fared similarly with the Nasdaq closing up 0.4% but the S&P 500 falling 0.3%.
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