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First Mover Asia: Bitcoin Seesaws Above and Below $23K Again
Good morning. Here’s what’s happening:
Prices: Bitcoin rises above $23K for the third time in four days. Other major cryptos are largely in the red.
Insights: Despite bitcoin's most recent surge, a number of analysts are wary about its path forward.
For the third time in four days, bitcoin clambered above $23,000 before falling back as markets continued their hopeful watch of improving macroeconomic conditions.
So far this week, no event has offset the recent narrative of falling inflation, gently slowing economic growth and a U.S. central bank primed to raise interest rates at a more moderate pace than in 2022.
BTC was recently trading at about $22,600, down 2% over the past 24 hours, although the largest cryptocurrency by market capitalization is still up more than 30% this year.
In an interview with CoinDesk "First Mover" TV, Matt Weller, global head of research for FOREX.com, said the recent rally stemmed from market dynamics, including the liquidation of "a large short position." Weller said he was now seeing "a small element of that FOMO from traders who thought that they would have all this year to buy near the lows."
"Now that we start to see prices picking up, we're starting to see a lot of those traders throw in the towel and just jump in to make sure that they don't miss the big surge off the bottom that we're now seeing," he said. Ether fared less well, falling below $1,550 for the first time in a week. The second-largest crypto by market value was off 5.7%...