Bitcoin Struggles to Hold Above $44,000
Date: 2024-01-08 Author: Dima Zakharov Categories: BLOCKCHAIN
Digital currencies are maintaining their strength on Monday, January 8th, even as Asian stock markets face a decline. Bitcoin (BTC) is attempting to stay above the $44,000 mark, while other cryptocurrencies like Ethereum (ETH) are also showing resilience.
Hong Kong and Chinese stocks had a rough start to the week, with the Hang Seng index falling by 3.5%. South Korea and Australia also witnessed a drop in business activity indicators. Major tech giants, including Tencent Holdings Ltd., Alibaba Group Holdings Ltd., and Meituan, saw substantial losses, leading investors to seek refuge in the US dollar and digital currencies.
According to analysts at Nomura, the Chinese government's measures to support the economy have not yet improved investor sentiment. Many investors are hesitant to buy tech company stocks and are instead accumulating capital in treasury bonds, precious metals, and cryptocurrencies. Australian bond yields increased by two basis points to 4.16% on Monday.
At the time of this review, Bitcoin (BTC) was trading at $44,022, Ethereum (ETH) had risen to $2,232, and Solana (SOL) had increased by 2% to $90.69. Avalanche (AVAX) and Dogecoin (DOGE) also saw minor gains of 0.5%, reaching $33.17 and $0.078, respectively.
Eric Robertson, a strategist at Standard Chartered Bank, believes that the Federal Reserve may adjust interest rates at its upcoming meeting. However, it's too early to predict a major shift in market trends, so significant fluctuations should not be expected in the near term.
