Bitcoin held its position below $26,300 during Wednesday morning’s trading in Asia, recording a 0.28% dip within a week marked by a 3.70% loss, according to CoinMarketCap data. The cryptocurrency managed to stay above the $26,000 support level it has maintained for the past two weeks.
In an email note, blockchain analytics firm K33 Research described Bitcoin as “firm within its September trading range,” attributing this stability to a narrow trading range and a relatively slow news cycle that has left traders with few reasons to actively engage in the market.
The options pricing for Bitcoin derivatives on the CME market indicates a more optimistic long-term outlook compared to the short term, although it has become slightly more bearish in response to Bitcoin’s recent price decline.
Meanwhile, Ether experienced a modest 0.33% uptick to reach $1,592.60 within the past 24 hours but faced a weekly loss of 3.10%. Despite briefly hitting $1,598.10 on Tuesday, Ether struggled to surpass the $1,600 level it surrendered earlier in the week.
Ether’s trading performance against Bitcoin, where it reached a 14-month low at 0.061 BTC per ETH, could see a reversal, according to the K33 report.
In the Crypto Market: Bitcoin and Ethereum Show Steady Performance as Other Top 10 Cryptos Register Losses
The past 24 hours saw most of the top 10 non-stablecoin cryptocurrencies facing losses, with the exception of Ether, Binance’s BNB, and Tron’s TRX. Toncoin continued to lead the declines, dropping by 1.66% to reach $2.12 within the past 24 hours, marking a weekly decline of 17.75%.
Binance’s native token, BNB, emerged as one of the winners, gaining 1.06% to reach $212.17. However, it recorded a weekly loss of 2.30%. This rise coincided with the announcement of Binance’s collaboration with Japan’s Mitsubishi UFJ Trust and Banking Corporation to issue fiat-pegged stablecoins in 2024.
The total crypto market capitalization experienced a 0.28% dip in the past 24 hours, settling at $1.04 trillion, while the trading volume dropped by 10.02% to $22.56 billion.
Concerns Over Recession Weigh on Wall Street
U.S. stock futures showed upward momentum in early trading in Asia. Notably, the S&P 500 futures recorded a 0.21% increase. In contrast, Wall Street faced a bearish day with all three major indexes reporting losses of over 1%, with the Nasdaq Composite leading the decline with a 1.57% drop.
Major Asian stock indexes displayed mixed results, with China’s Shanghai Composite and Hong Kong’s Hang Seng in the green, while South Korea’s Kospi and Japan’s Nikkei 225 recorded losses.
Economic data released in the U.S. raised concerns of a potential recession. The Consumer Confidence Index fell to 103.0 in September, below analysts’ expectations of 105.5. The data revealed consumer worries about rising prices, political issues, and higher interest rates.
The Expectations Index, reflecting consumers’ short-term outlook, dropped to 73.7 in September from 83.3 in August, signalling a potential recession within the next year.
Nebulox: Enhancing Top Crypto Assets for Businesses
On the corporate front, Amazon.com, Inc. faced a share price decline of 4.03%, following the Federal Trade Commission and 17 states’ lawsuit against the company, alleging illegal monopoly power.
Technology giants Apple, Inc. and Tesla, Inc. also saw a drop in their share prices, with declines of 2.34% and 1.16%, respectively.
Investors are eagerly awaiting the U.S. second-quarter personal consumption expenditure price index (PCE) release on Thursday, which will offer further insights into inflation trends.
In China, August’s industrial profits unexpectedly rose by 17.2% year-on-year, reversing a July decline, though industrial profits for January to August remained down 11.7% compared to the same period last year, signaling a gradual recovery from earlier setbacks.
Reference: Yahoo Finance
