Bitcoin regains support above $20K after falling below this level, and ether also rallies late Tuesday; Singapore's approach to cryptos, recently articulated by the head of its central bank, may not be realistic. JPRubin23 and TheSamReynolds report
Bitcoin responded in concert with other riskier assets by spending most of Tuesday on its heels before rallying later in the day.
"Risk aversion is firmly back in place and that sent Bitcoin below the $20,000 level," Oanda Senior Market Analyst Edward Moya wrote in an email, noting that if the current"broad selloff" of stocks"intensifies, bitcoin could be vulnerable. Ether was recently trading near $1,600, a roughly 3% gain over the past 24 hours after the second largest crypto in market value also rallied late. ETH been struggling to hold support above $1,500 for the past few days. Most other cryptos in the CoinDesk top 20 spent much of the day in the red. Popular meme coin DOGE and DOT were recently off more than 2% and 1%, respectively. Trading volume was tepid compared to a week ago.
Equity markets dipped for a third straight day amid the looming prospect of a third consecutive 75 basis-point interest rate hike. The tech-heavy Nasdaq, S&P 500 and Dow Jones Industrial Average all fell about 1%. The U.S. Labor Department's latest employment report showing 11.2 million job openings in July, offered the latest evidence of a relentlessly upbeat job market at odds with other economic indicators showing the economy in contraction.
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