• Bitcoin shifted from flying high above $25K to sinking to $23.6K over the course of Thursday.
• The collapse of crypto exchange FTX and its trading arm Alameda Research has prompted startups to postpone their token launches.
• An unexpected 0.7% month-over-month spike in January’s producer price index (PPI) suggested that the U.S. central bank monetary had not yet succeeded in taming price increases that have bedeviled the economy for more than a year.
Bitcoin shifted from flying high above $25,000 to sinking to $23,618 over the course of Thursday according to CoinDesk Market Index (CMI). Ethereum (ETH) was also down 3.2% at $1,646 while S&P 500, Gold and Nikkei 225 were down 1.4%, 0.4% and 0.7% respectively at the same time.
First Mover Asia: Crypto Momentum Falters as Bitcoin Retreats to $23.6K
The collapse of crypto exchange FTX and its trading arm Alameda Research has increasingly prompted startups to postpone their token launches as part of the fallout from this incident, according to Sam Reynolds‘ consideration on a rising trend of crypto startups postponing their token launches..
An unexpected 0.7% month-over-month spike in January’s producer price index (PPI) further suggested that the U.S Federal Reserve monetary policy had not yet succeeded in taming inflation prices which have bedeviled the economy for more than a year now..
Alameda Research ranked among the crypto industry’s largest market makers before its collapse with its parent company FTX, prompting startup token launch postponements across the board.. Investment Bank D DA Davidson analyst Chris Brendler also downgraded Coinbase stock (COIN) rating from buy to neutral due to worries about regulatory uncertainty and potential lawsuits against Coinbase caused by Ripple’s legal battle with US Securities Exchange Commission..
The news resulted in investor sentiment shift towards skepticism regarding inflation rates, Federal Reserve Monetary Policy and other related issues causing Bitcoin prices retreat below $23k again after temporarily soaring past 25k earlier on Thursday.. Meanwhile cryptocurrency companies are being forced into delays due uncertain market conditions resulting from these negative events..
It remains unclear if investor sentiments will hold up or if investors will be able move past this setback quickly as new developments arise within both cryptocurrency industry and traditional markets alike… However one thing is certain – these economic uncertainties have left an undeniable impact on both current market conditions as well as future outlooks for digital asset related businesses across all industries