Bitcoin is down 1.6% in the last 24 hours to trade at $24,442, although it is still up 10% over the past week according to CoinMarketCap. The market capitalization of bitcoin was $465 billion with a daily trading volume of $44.5 billion. The asset’s market share is 40.4%. Ethereum fell 2.6% to $1,658, up 6.5% over the past seven days. Polygon lost 6.1% to $1.39 although it is still down 10% over the past seven days. BNB fell 1.2% to $311.48 but is still up 5.2% for the week. Ripple fell 1.8% to $0.39.
The total capitalization of the crypto market fell by 1.8% to $1.11 trillion at 1pm in Hong Kong. Total trading volume over the past 24 hours has increased by 3.3% to $66.70 billion. Traders’ positions worth $150 million were liquidated during the day. According to Coinglass, the largest number of liquidations occurred in pairs with bitcoin – $52.6 million, followed by Ethereum with a loss of $25.2 million. In third place is Filecoin (FIL), which showed the largest daily growth in price (by 6%) among the top 100 cryptocurrencies by capitalization. The amount of liquidated positions in FIL amounted to $3.8 million.
US stocks closed lower on Tuesday, marking the first trading day of the week as markets closed on Monday for President’s Day. The Dow Jones Industrial Average fell 2.1%, the S&P500 fell 2% and the Nasdaq Composite ended the day down 2.5%. Three key indexes posted their biggest single-day losses since Dec. 15 as the S&P 500 halved its yearly gains while the Dow Jones has already eaten away almost all of its gains in 2023.
The 2-year Treasury yield rose to 4.7% on Tuesday, the highest level since 2007, while the 10-year Treasury yield rose to 3.9%. Higher Treasury yields pose more upside risk to yields, putting downward pressure on equities. The US Federal Reserve will release the minutes of its policy meeting from Jan. 31 to Feb. 1 on Wednesday, where investors will look for clues on how the central bank can act to fight inflation.
Retail giants Walmart Inc. and Home Depot Inc. released their holiday season earnings reports on Tuesday. Walmart’s revenue rose 7.3% to $164 billion year-over-year, while Home Depot fell short of expectations, reporting $35 billion in Q4 revenue. Both companies forecast a difficult quarter going forward due to headwinds related to supply shortages and continued inflation in the economy.
Economic data released on Tuesday showed that business activity in the US is expanding. The S&P Global services Purchasing Managers’ Index (PMI) rose to an 8-month high of 50.5 in February from 46.8 the previous month, while the manufacturing PMI rose to a four-month high of 47.8 from 46.9.
On Feb. 1, the Fed raised interest rates to a range of 4.5%-4.75% to fight inflation, the highest level since October 2007, with the latest CPI data up 6.4% in January compared to last year, compared with 6.5% in December and 7.1% in November.
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