Hello Asia, here are the developments before the opening bell.
Bitcoin’s price continued its rise, surpassing $87,000 on Monday morning, as Asian markets opened in a more positive mood as stocks made gains after traders increased their bets on the Federal Reserve’s decision to cut interest rates in December.
Investors’ risk appetite improved last week on optimistic expectations for less restrictive monetary policy, even as Fed officials continue to send mixed signals. The moves coincided with the start of a day packed with expected data, including US retail sales index data and producer price data, in addition to a highly anticipated budget announcement from UK Finance Minister Rachel Reeves.
Look at market performance
- Bitcoin price: $87,461, up 1.5%
- Ethereum-ETH Price: $2,854, up 1.1%
- Ripple Coin Price (Ripple-XRP): $2.08, up 2.6%
- Total market capitalization of digital currencies:$3.06 trillion, an increase of 0.9%
Expectations that the Fed would follow a more accommodative monetary policy are rising after Williams signaled that interest rates would soon be cut.
Expectations of an interest rate hike by the Federal Reserve after New York Fed President John Williams said last Friday that interest rates could fall “in the near term,” a phrase that was quickly exploited by traders.
Fed futures currently indicate there is a 57% chance that interest rates will fall 25 basis points next month, up from less than 30% just a week ago, reflecting a rapid reassessment of the policy trajectory.
Meanwhile, the US Treasury market was closed in Asia due to a holiday in Japan, while futures remained stable, indicating that bond markets are awaiting additional data.
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Predicting the future movement of interest rates has become more difficult after the U.S. government shutdown earlier this month disrupted the release of economic data, and the Bureau of Labor Statistics said Friday that it had “canceled” the October consumer price report because officials were unable to collect the necessary data.
Japan holiday closures dampen regional trade volumes
Even in the absence of some of the usual economic data, expectations of lower borrowing costs helped push stock prices higher, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising about 0.4%, paring its losses from last week, while the Kospi Index (Kospi) for South Korea’s technology sector rose about 0.7%.
Trading activity remained generally below normal as Japanese markets closed for a public holiday, while futures data showed greater stability in Western markets, with contracts linked to the Nasdaq Index and the Standard & Poor’s 500 Index (S&P 500) rising around 0.5%, and their counterparts in large Eurozone company stocks also posting gains, reviving momentum. of the recovery that began on Friday on Wall Street markets after a series of positive statements from Fed officials.
Turning to Asia, gains were not evenly distributed, with Chinese stocks lagging as shares of local chipmakers fell sharply after a report that Washington was considering allowing Nvidia to resume major chip sales in the region. The Shanghai Core Index, Shenzhen CSI 300 Index and Shanghai Composite Index also fell about 0.3% each, and gains by Hong Kong stocks remained limited.
Oil prices are falling as markets price the possibility of increased supply thanks to progress in peace talks.
Along with all of the above, the ability to resume Nvidia’s shipments has brought some relief to China’s major internet platforms, which rely on advanced chipsets to support their artificial intelligence businesses.
The public mood was also affected by geopolitical developments, as the United States and Ukraine announced their agreement on an “updated and revised peace framework” aimed at ending the war with Russia, leading to pressure on oil prices as traders weighed the possibility of improving supplies if tensions eased further.
As for digital currency investors, they have been catching their breath after recent volatility thanks to a combination of factors including the rising price of Bitcoin, falling yields and a more positive tone from some members of the Federal Reserve.
As key U.S. data approaches and the central bank begins its meetings in early December with an incomplete inflation picture, Asian traders are worried about whether renewed risk appetite will push Bitcoin’s price away from last week’s lows.
The post Asian Market Open: Bitcoin (BTC) Price Continues to Rise, Exceeding $87,000, Stocks Seek Gains on the Impact of Rising Expectations for the Federal Reserve to Ease Its Monetary Policies appeared first on Cryptonews Arabic.
