Bitcoin breaks $29,000 | coindesk JAPAN | Coindesk Japan

Bitcoin (BTC) fell in the early hours of the 19th, breaking below $30,000 for the second time in three days, and hours later, breaking below $29,000 for the first time in over a week. At the time of this writing, it is near $28,930, down about 4.6% in 24 hours. This is a turnaround from last week’s performance boosted by a modest rise in the consumer price index and investor optimism.

Investor mood soured yesterday after grim inflation data in the UK and a large sell order on Binance.

“Britain’s tight CPI report may have made the market more vulnerable and macroeconomic data for big sellers to pull the trigger. It led to a chain of sell orders that broke below $30,000,” said online. Matt Weller, global head of research at broker Forex.com, told CoinDesk TV.

Ethereum (ETH) also moved in the same way as BTC, dropping about 7.1% to around $1945. It broke above $2,100 on the 18th.

Layer 1 token Aptos (APT) and Layer 2 token Arbitrum (ARB) are down around 10% and 13%, respectively. The CoinDesk Market Index (CMI), which measures the performance of the entire cryptocurrency market, fell 6.2%.

The stock market has been largely flat for the second day in a row. The Nasdaq rose 0.03% while the S&P 500 fell 0.01%. Investors have noted better-than-expected first-quarter results for the financial services industry. However, many local banks have yet to settle their accounts. There will be more clarity about the health of the banking sector.

“There’s a huge amount of uncertainty in the market right now, especially about macroeconomic conditions,” said Markus Levin, co-founder of XYO Network, an oracle network that collects and authenticates location-based data. .

“Better-than-expected inflation figures in the UK appear to be unacceptable both in the US and in countries where tightening monetary policy is fueling recession fears.”

He also noted the strong rally in bitcoin over the past few weeks, saying, “I wouldn’t be surprised if there were a correction. Crypto markets are always subject to price volatility, so nothing should cause panic.” continued.

price

Bitcoin: $28,936, -4.6%
Ethereum: $1,948, -7.1%
● Coindesk Market Index (CMI): 1,250, -5.6%

● S&P500: 4,154.52, -0.0%
Gold: $2,007, -0.0%

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜ Original: First Mover Asia: We’re Still Missing Good Web3 Games; Bitcoin Swoons Below $29K