Markets: Bitcoin, Ether retreat as investors digest inflation, Blackrock developments




  • In Business
  • 2022-08-12 01:22:01Z
  • By Forkast News
 

Bitcoin fell back in Asia trading after setting a two-month high of US$24,822 overnight following news BlackRock Inc., the world's largest asset manager, had launched its own Bitcoin fund. Ethereum followed a similar track, but held some of its gains after hitting a six-week high of US$1,927. Both crypto and equity markets had risen earlier this week on signs the pace of inflation was slowing  in the U.S.

See related article: Markets: Bitcoin, Ether rise on slower inflation, Ethereum's completed test run ahead of PoS merge

Fast facts

  • Bitcoin fell 3.5% to trade at US$23,957 at 8 a.m. in Hong Kong, little changed over the previous 24 hours. Ethereum changed hands at US$1,881, up 1.5%.

  • "Bitcoin's price increase on the news of a new bitcoin fund from BlackRock, the world's largest asset manager, reflects bitcoin's transition into a new phase of adoption," said Alex Adelman, chief executive officer and cofounder of Bitcoin rewards company Lolli, in a statement.

  • "Today, demand for bitcoin among Wall Street's power players has effectively decoupled from prices in the broader crypto markets," Adelman said.

  • Ethereum Classic, the original network the current Ethereum blockchain is forked from gained 8.5% to US$42.17 as excitement builds ahead of the long-awaited Ethereum "Merge".

  • Solana was the only other cryptocurrency in the top 10 by market capitalization to rise, trading up 0.9% to US$42.79, as a report on Thursday showed the number of network validators grew throughout the market downturn this year.

  • U.S. equities were mixed, the Dow Jones Industrial Average finished Thursday up 1%, while the S&P 500 Index fell 1%. The Nasdaq Composite Index finished the day down 0.58%.

See related article: BlackRock, Coinbase partner to extend crypto trading to institutional investors

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