Bitcoin rose above US$19,000 in Tuesday morning trading in Asia, with Ether and the rest of the top 10 cryptocurrencies by market capitalization gaining. The moves reflected strong gains in U.S. equity indexes on Monday after rounding out September with significant losses.
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Fast facts
- Bitcoin rose 3.1% in the past 24 hours to trade at US$19,624 at 8 a.m. in Hong Kong, while Ether gained 3.7% to US$1,323, according to data from CoinMarketCap.
- Solana rose 2.8% to trade at US$32.97, while Cardano was up 2% to US$0.42. Leading memecoin Dogecoin rose 1.9% to trade at US$0.06.
- U.S. equities bounced back on Monday. The S&P 500 Index gained 2.6% and the Nasdaq Composite Index rose 2.3%. The Dow Jones had its best day of trading in three months, rising 2.7%.
- The gains came after a September slump for equities. The Dow Jones and the S&P 500 in September recorded their lowest finishes in a month since November 2020, while the Nasdaq posted its lowest since July 2020.
- Data released Monday showed manufacturing in the U.S. declined in September to the slowest monthly growth since May 2020. The Manufacturing Purchasing Managers Index rose to 50.9 for the month, falling from 52.8 in August. A reading above 50 represents an expansion in manufacturing, which comprises 11.9% of the U.S. economy.
- Elsewhere, alarm bells are ringing for Swiss banking giant Credit Suisse, whose shaky finances are drawing comparisons for a possible “Lehman Brother’s moment” – the U.S. company whose collapse in 2008 triggered the global financial crisis. The cost of insurance against Credit Suisse defaulting rose to a record high on Monday, as its share price fell as much as 11.5% before recovering slightly. Its shares are down roughly 60% for the year.
See related article: 3 reasons crypto will spring back after Crypto Winter