Bitcoin falls below USD 24,000 to start the trading week in Asia

Bitcoin coins and money on a black office table

Bitcoin fell below $24,000 on a mixed morning for the 10 non-stablecoin cryptocurrencies by market capitalization on Monday in Asia. Solana posted the most gains on that list while leading memecoin Dogecoin fell the most.

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Fast facts

• Bitcoin fell 2.76% in the past 24 hours to trade at $23,927 as of 9:15 a.m. in Hong Kong, but was still up 11.9% in the past week, according to CoinMarketCap. Ethereum lost 0.97% to $1,661, gaining 11.2% in the past seven days.
• Solana was up 4.6% to US$24.62, a weekly increase of 15.6%. The network has held its “Build Through the Bear” hackathon this month, inviting community members to build on the blockchain, offering $50,000 in USDC for the grand prize. The hackathon ends on March 14.
• Dogecoin fell 2% to $0.087, but still traded up 6.6% in the past seven days. XRP fell 1.7% to $0.38, but still traded 3% higher in the past week.
• The total crypto market capitalization reached US$1.13 trillion overnight, the highest since August 2022, before falling to US$1.12 trillion at 9:15 a.m. in Hong Kong. The total trading volume in the last 24 hours has increased by 14.4% to 54.9 billion USD.
• US stocks had a mixed trading day on Friday. The Dow Jones Industrial Average rose 0.4%, but the S&P 500 fell 0.3%, and the Nasdaq Composite Index ended the day down 0.6%. Wall Street will be closed on Monday for President’s Day.
• Many major U.S. retailers are slated to release holiday season earnings this week, starting with Walmart Inc. and Home Depot Inc. on Tuesday.
• The earnings reports are set to come amid growing recession concerns in the US, as the Federal Reserve has raised interest rates from near zero to 4.5% to 4.75% to curb inflation. While some have criticized the Fed for raising interest rates too sharply, the central bank maintains it will be able to achieve a “soft landing” to bring down inflation without triggering a recession.
• The latest consumer price index data showed inflation was up 6.4% in January from a year ago, down from 6.5% in December and 7.1% in November.
• Analysts at CME Group predict an 85% chance that the Fed will raise interest rates by another 25 basis points next month.

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