Bitcoin reaches $22,000 as US interest rate fear calms

The price of Bitcoin rose beyond $22,000 on Tuesday, as predictions of aggressive US interest rate hikes from the US Federal Reserve waned, boosting mood in the extremely volatile cryptocurrency market.

The most popular cryptocurrency climbed as much as 6.8 percent to reach a high of $22,954.36 per coin, its highest price since June 14, when lender Celsius Network halted withdrawals in response to a digital assets market sell-off.

US market, Asia-Pacific and china lockdown

However, Asia-Pacific share markets largely followed US equities markets lower as anxieties over Chinese lockdowns overcame easing concerns over interest rates.

Hong Kong’s Hang Seng index fell as high as 1.2%, while China’s CSI 300 index dipped 0.7%. The Japanese Topix increased by 0.8%.

According to the Japanese investment firm Nomura, as many as 41 Chinese cities were under full or partial lockdowns or district-based controls as of Monday.

The limitations affect 264 million people in regions that account for around 18.7 percent of the nation’s economic output, an increase from a week earlier when only 31 cities were affected.

On Monday, U.S. markets surrendered early gains after reports about Apple’s slowing spending revived fears of a future recession. bitcoin

The S&P 500, which had risen as much as 1% earlier in the trading session, dropped 0.8%. The Nasdaq Composite also declined by 0.8%.

China’s shutdown fears also weighed on oil prices on Tuesday, with international benchmark Brent crude falling 0.2% to $106.03 per barrel and US marker West Texas Intermediate falling 0.2% to $102.45.

The limitations affect 264 million people in regions that account for around 18.7 percent of the nation’s economic output, an increase from a week earlier when only 31 cities were affected.

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On Monday, U.S. markets surrendered early gains after reports about Apple’s slowing spending revived fears of a future recession.

The S&P 500, which had risen as much as 1% earlier in the trading session, dropped 0.8%. The Nasdaq Composite also declined by 0.8%.

China’s shutdown fears also weighed on oil prices on Tuesday, with international benchmark Brent crude falling 0.2% to $106.03 per barrel and US marker West Texas Intermediate falling 0.2% to $102.45.