Bitcoin Adds 4.5% as Stocks Reverse Lower on Hawkish Fed Commentary
The world’s largest crypto regained the $69,000 level at one point in the session before slipping a bit.
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CoinDesk 20
The world’s largest crypto regained the $69,000 level at one point in the session before slipping a bit.
Flows into the new spot ETFs have been subdued for a couple of weeks, possibly prompting a renewed interest in macro drivers for price direction.
CoinDesk 20 tracks top digital assets and is investible on multiple platforms. The broader CMI comprises approximately 180 tokens and seven crypto sectors: currency, smart contract platforms, DeFi, culture & entertainment, computing, and digitization.
Just like equities have the S&P 500 and NASDAQ 100, we now see the emergence of cryptocurrency and digital asset indices.
CoinDesk 20 leaders (CoinDesk Indices)
Bitcoin cash and ethereum classic also posted significant gains as all 20 cryptos in the gauge appreciated.
All 20 of the CD20 assets were positive on the week, with fourteen posting returns greater than 10%.
Onramp is the first U.S.-based firm to allow for investible access via the CoinDesk 20 Index.
Just four cryptos in the index outperformed Bitcoin’s 5.2% gain.
Cryptocurrencies slid lower Monday with bbitcoin nearing $42K as soaring U.S. interest rates amid strong economic data, hawkish Powell weighed on prices.