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2023-02-01

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Bitcoin Had Its Best January Since 2013, When It Was Worth Less Than $20

Bitcoin and other cryptocurrencies edged up Tuesday after a Monday tumble as traders awaited a key m

Bitcoin Had Its Best January Since 2013, When It Was Worth Less Than $20

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Bitcoin ended up having its best January since 2013, when it changed hands below $20.</p><p>The price of Bitcoin rose about 1.8% in the 24 hours through 4 p.m. in New York, sitting at about $23,100. The largest token was carried higher along with other risk assets by encouraging economic data that showed wage growth slowing more quickly than expected, a development that traders hoped could give the Fed room to raise interest rates more slowly. The price rise came on the heels of a near 5% plunge on an intraday basis on Monday.</p><p>“Bitcoin has massive resistance at the $24,000 level, so if risk aversion remains in place, downward momentum might not find major support until the $21,000 region,” said Edward Moya, an analyst at broker Oanda.</p><p>Bitcoin’s declines Monday marked the biggest fall since Nov. 11, when the crypto exchange FTX went bankrupt in a shock to markets that sent Bitcoin to two-year lows around $15,500. Bitcoin languished below $17,000 through the end of last year, but has soared some 40% in January—the best monthly performance since October 2021 and the best start to the year since 2013, when it was less than a thousandth of the current price.</p><p>Traders are looking ahead to the next interest-rate decision from the Fed—a key catalyst that is likely to swing sentiment for cryptos and stocks alike. Both risk-sensitive asset classes have become more correlated over the past year, with Bitcoin swinging in step with the Dow Jones Industrial Average and S&amp;P 500 against a backdrop of high inflation and rising interest rates.</p><p>Markets expect the Fed to raise rates by one-quarter of a percentage point on Wednesday, increasing borrowing costs but marking a slowdown in the pace of tightening financial conditions. Fed policy has been a key headwind for equities and digital assets over the past year because higher rates dampen demand for higher-risk assets.</p><p>The Fed decision represents a risk for cryptos after such a good month, and it may take some very upbeat news—signs of a dovish pivot in policy, for instance—to keep the good times rolling for Bitcoin. If investors don’t like what they hear, digital assets are at risk for a retracement.</p><p>“Bitcoin confirmed a short-term counter-trend ‘sell’ signal,” said Katie Stockton, managing partner at technical research group Fairlead Strategies, “supporting a two-week pullback following a strong relief rally. We return to a bearish short-term bias.”</p><p>Bitcoin will find initial support near its 200-day moving average around $19,700, Stockton said, which is a level it is likely to test during a retracement, and could find secondary support above two-year lows at $15,600.</p><p>“Resistance of $25,200 is not likely relevant near-term,” Stockton added. “A long-term bearish bias remains appropriate, in our view.”</p><p>Beyond Bitcoin, Ether—the second-largest crypto—rose about 2.2% to about $1,587. Smaller cryptos or altcoins also had gains, with Cardano and Polygonup about 5% and 4% respectively. Memecoins had a sharper rise, with Dogecoin jumping 10% and Shiba Inu up 9%.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Bitcoin Had Its Best January Since 2013, When It Was Worth Less Than $20</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBitcoin Had Its Best January Since 2013, When It Was Worth Less Than $20\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1012688067\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2023-02-01 10:57</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Bitcoin and other cryptocurrencies edged up Tuesday after a Monday tumble as traders awaited a key monetary policy decision from the Federal Reserve this week. Bitcoin ended up having its best January since 2013, when it changed hands below $20.</p><p>The price of Bitcoin rose about 1.8% in the 24 hours through 4 p.m. in New York, sitting at about $23,100. The largest token was carried higher along with other risk assets by encouraging economic data that showed wage growth slowing more quickly than expected, a development that traders hoped could give the Fed room to raise interest rates more slowly. The price rise came on the heels of a near 5% plunge on an intraday basis on Monday.</p><p>“Bitcoin has massive resistance at the $24,000 level, so if risk aversion remains in place, downward momentum might not find major support until the $21,000 region,” said Edward Moya, an analyst at broker Oanda.</p><p>Bitcoin’s declines Monday marked the biggest fall since Nov. 11, when the crypto exchange FTX went bankrupt in a shock to markets that sent Bitcoin to two-year lows around $15,500. Bitcoin languished below $17,000 through the end of last year, but has soared some 40% in January—the best monthly performance since October 2021 and the best start to the year since 2013, when it was less than a thousandth of the current price.</p><p>Traders are looking ahead to the next interest-rate decision from the Fed—a key catalyst that is likely to swing sentiment for cryptos and stocks alike. Both risk-sensitive asset classes have become more correlated over the past year, with Bitcoin swinging in step with the Dow Jones Industrial Average and S&amp;P 500 against a backdrop of high inflation and rising interest rates.</p><p>Markets expect the Fed to raise rates by one-quarter of a percentage point on Wednesday, increasing borrowing costs but marking a slowdown in the pace of tightening financial conditions. Fed policy has been a key headwind for equities and digital assets over the past year because higher rates dampen demand for higher-risk assets.</p><p>The Fed decision represents a risk for cryptos after such a good month, and it may take some very upbeat news—signs of a dovish pivot in policy, for instance—to keep the good times rolling for Bitcoin. If investors don’t like what they hear, digital assets are at risk for a retracement.</p><p>“Bitcoin confirmed a short-term counter-trend ‘sell’ signal,” said Katie Stockton, managing partner at technical research group Fairlead Strategies, “supporting a two-week pullback following a strong relief rally. We return to a bearish short-term bias.”</p><p>Bitcoin will find initial support near its 200-day moving average around $19,700, Stockton said, which is a level it is likely to test during a retracement, and could find secondary support above two-year lows at $15,600.</p><p>“Resistance of $25,200 is not likely relevant near-term,” Stockton added. “A long-term bearish bias remains appropriate, in our view.”</p><p>Beyond Bitcoin, Ether—the second-largest crypto—rose about 2.2% to about $1,587. Smaller cryptos or altcoins also had gains, with Cardano and Polygonup about 5% and 4% respectively. Memecoins had a sharper rise, with Dogecoin jumping 10% and Shiba Inu up 9%.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BITO":"ProShares Bitcoin Strategy ETF","GBTC":"Grayscale Bitcoin Trust"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121703711","content_text":"Bitcoin and other cryptocurrencies edged up Tuesday after a Monday tumble as traders awaited a key monetary policy decision from the Federal Reserve this week. Bitcoin ended up having its best January since 2013, when it changed hands below $20.The price of Bitcoin rose about 1.8% in the 24 hours through 4 p.m. in New York, sitting at about $23,100. The largest token was carried higher along with other risk assets by encouraging economic data that showed wage growth slowing more quickly than expected, a development that traders hoped could give the Fed room to raise interest rates more slowly. The price rise came on the heels of a near 5% plunge on an intraday basis on Monday.“Bitcoin has massive resistance at the $24,000 level, so if risk aversion remains in place, downward momentum might not find major support until the $21,000 region,” said Edward Moya, an analyst at broker Oanda.Bitcoin’s declines Monday marked the biggest fall since Nov. 11, when the crypto exchange FTX went bankrupt in a shock to markets that sent Bitcoin to two-year lows around $15,500. Bitcoin languished below $17,000 through the end of last year, but has soared some 40% in January—the best monthly performance since October 2021 and the best start to the year since 2013, when it was less than a thousandth of the current price.Traders are looking ahead to the next interest-rate decision from the Fed—a key catalyst that is likely to swing sentiment for cryptos and stocks alike. Both risk-sensitive asset classes have become more correlated over the past year, with Bitcoin swinging in step with the Dow Jones Industrial Average and S&P 500 against a backdrop of high inflation and rising interest rates.Markets expect the Fed to raise rates by one-quarter of a percentage point on Wednesday, increasing borrowing costs but marking a slowdown in the pace of tightening financial conditions. Fed policy has been a key headwind for equities and digital assets over the past year because higher rates dampen demand for higher-risk assets.The Fed decision represents a risk for cryptos after such a good month, and it may take some very upbeat news—signs of a dovish pivot in policy, for instance—to keep the good times rolling for Bitcoin. If investors don’t like what they hear, digital assets are at risk for a retracement.“Bitcoin confirmed a short-term counter-trend ‘sell’ signal,” said Katie Stockton, managing partner at technical research group Fairlead Strategies, “supporting a two-week pullback following a strong relief rally. We return to a bearish short-term bias.”Bitcoin will find initial support near its 200-day moving average around $19,700, Stockton said, which is a level it is likely to test during a retracement, and could find secondary support above two-year lows at $15,600.“Resistance of $25,200 is not likely relevant near-term,” Stockton added. “A long-term bearish bias remains appropriate, in our view.”Beyond Bitcoin, Ether—the second-largest crypto—rose about 2.2% to about $1,587. Smaller cryptos or altcoins also had gains, with Cardano and Polygonup about 5% and 4% respectively. Memecoins had a sharper rise, with Dogecoin jumping 10% and Shiba Inu up 9%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":155,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}