Markets: Bitcoin, Ether rise as investors await US inflation data; Polkadot gains

Timmy Shen

1 year ago

Bitcoin and Ether rose in Thursday afternoon trading in Asia, along with all other top 10 non-stablecoin cryptocurrencies, as investors anticipate signs of slower inflation in the upcoming Thursday release of the U.S. Consumer Price Index for December. Polkadot was the largest gainer among the top 10, followed by Ether and Bitcoin.

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Fast facts

Bitcoin gained 3.96% to US$18,144 in the 24 hours to 4 p.m. in Hong Kong, and increased 7.82% over the past calendar week. Ether rose 4.73% to trade at US$1,399, an 11.82% weekly gain, according to data from CoinMarketCap.
Polkadot went 4.79% higher over the past 24 hours to change hands at US$5.12, and booked an 11.53% gain over the past seven days, after Polkadot reported an all-time high in development activity in 2022.
Asian equities markets mostly gained on Thursday. Hong Kong’s Hang Seng Index closed 0.36% higher, and the Shanghai Composite Index edged up 0.051%. Japan’s Nikkei 225 added 0.014%, while South Korea’s Kospi strengthened 0.24%.
China reported Thursday a 1.8% year-on-year rise in December’s consumer price index, in line with a Reuters’ poll estimate.
“The Asia market saw crypto prices rise in early trading following the U.S. stock market’s overnight rally,” said Rachel Lin, chief executive officer and co-founder of Singapore-based crypto derivatives decentralized exchange SynFutures. “Overall, the market sentiment is becoming positive in anticipation of the upcoming U.S. inflation numbers, set to be released later today, as investors are expecting a more dovish Fed going forward.”
“Despite recent FUD (fear, uncertainty and doubt), the crypto market has remained relatively stable, even showing signs of recovery. This can be partly attributed to optimism surrounding the upcoming Ethereum Shanghai Upgrade in March,” said Henry Liu, CEO of BTSE crypto exchange registered in the British Virgin Islands. “Investors are also closely monitoring the release of Thursday’s U.S. inflation report, anticipating a continued decline in inflation.”