Bitcoin (BTC) broke below $23,000 over the weekend and remained flat on the 5th as investors waited for comments from Fed Chair Powell.
● CoinDesk Market Index (CMI): 1,088, -1.3%
Bitcoin: $23,059, -0.9%
Ethereum: $1,639, -1.3%
● S&P500: 4,136.48, -1.0%
Gold: $1,880, +0.9%
Major crypto assets remained flat over the weekend. Investors are expected to wait for comments from Fed Chairman Jerome Powell, scheduled for Wednesday afternoon.
Less than 1% of companies in the S&P 500 beat expectations in the fourth quarter, according to FactSet. This is below the five-year average of 8.6% and the ten-year average of 6.4%.
“If Q4 2022 revenue is negative year-over-year, it will be negative for the first time since Q3 2020,” FactSet’s John Butters wrote Thursday.
David Siemer, CEO of accounting software provider Wave Financial, appeared on CoinDesk TV last weekend, saying the market is giving mixed signs of strong jobs, but mediocre earnings, and a weak 2023. said it expected a recession.
“I’m a little optimistic that the recession won’t be as severe as the global financial recession[after the Lehman shock]. It’s not necessarily going to have a big impact over time, and it’s probably going to take another quarter or two to see the real impact of the Fed’s efforts on the economy,” he said.
What does this mean for future crypto asset prices? BitBull Capital’s Joe DiPasquale said the cryptocurrency market was “optimistic” after a modest rise in interest rates, and that bitcoin “barred unforeseen events or market movements, and will continue to grow in the coming months.” It will hover around the $20,000 support level,” he wrote in a note to CoinDesk.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
｜Original: First Mover Asia: Bitcoin Not Ready to Soar as Investors Await Fed Chair Speech, More Earnings
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