Markets: Bitcoin, Ether retreat as investors digest inflation, Blackrock developments

Lachlan Keller

2 years ago

Bitcoin fell back in Asia trading after setting a two-month high of US$24,822 overnight following news BlackRock Inc., the world’s largest asset manager, had launched its own Bitcoin fund. Ethereum followed a similar track, but held some of its gains after hitting a six-week high of US$1,927. Both crypto and equity markets had risen earlier this week on signs the pace of inflation was slowing in the U.S.

Fast facts

Bitcoin fell 3.5% to trade at US$23,957 at 8 a.m. in Hong Kong, little changed over the previous 24 hours. Ethereum changed hands at US$1,881, up 1.5%.
“Bitcoin’s price increase on the news of a new bitcoin fund from BlackRock, the world’s largest asset manager, reflects bitcoin’s transition into a new phase of adoption,” said Alex Adelman, chief executive officer and cofounder of Bitcoin rewards company Lolli, in a statement.
“Today, demand for bitcoin among Wall Street’s power players has effectively decoupled from prices in the broader crypto markets,” Adelman said.
Ethereum Classic, the original network the current Ethereum blockchain is forked from gained 8.5% to US$42.17 as excitement builds ahead of the long-awaited Ethereum “Merge”.
Solana was the only other cryptocurrency in the top 10 by market capitalization to rise, trading up 0.9% to US$42.79, as a rep o rt on Thursday showed the number of network validators grew throughout the market downturn this year.
U.S. equities were mixed, the Dow Jones Industrial Average finished Thursday up 1%, while the S&P 500 Index fell 1%. The Nasdaq Composite Index finished the day down 0.58%.