Bitcoin News

Bitcoin price settles over $19,000, with advances for ether and other cryptocurrencies

Tuesday morning trading saw Bitcoin rise above US$19,000, along with gains for Ether and the remaining nine of the top ten cryptocurrencies by market value. After ending September with big losses, the moves on Monday were reflected in large gains in U.S. equities indices.

According to data from CoinMarketCap, Bitcoin increased 3.1% in the last day to trade at US$19,624, while Ether increased 3.7% to US$1,323.

Cardano increased 2% to US$0.42, while Solana increased 2.8% to trade at US$32.97. Dogecoin, the top memecoin, increased 1.9% to trade at US$0.06.

U.S. stocks recovered on Monday. The Nasdaq Composite Index increased by 2.3% and the S&P 500 Index increased by 2.6%. The Dow Jones gained 2.7%, making it the greatest trading day in the past three months.

The gains followed an equities decline in September. September was the lowest monthly finishes for the Dow Jones, S&P 500, and Nasdaq since November 2020 and July 2020, respectively.

According to data released on Monday, manufacturing in the United States experienced its first monthly decline since May 2020 in September. The manufacturing PMI increased to 50.9 for the month from August’s reading of 52.8.

11.9% of the US economy is made up of manufacturing, and a value above 50 indicates that the sector is expanding.

Alarm bells are also sounding for Credit Suisse, the world’s largest bank, whose precarious finances are being compared to the fall of the American corporation Lehman Brothers in 2008, which served as the catalyst for the global financial crisis. On Monday, as Credit Suisse’s stock price dropped as much as 11.5% before regaining some of those losses, the price of default insurance reached a record high. For the year, its shares have decreased by about 60%.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.