Bitcoin almost tested $24K early Wednesday after China manufacturing PMI lifted stock markets and pushed the dollar index lower. Reports godbole17.
) traded higher on Wednesday as upbeat China manufacturing data alleviated global growth concerns and improved risk appetite in global financial markets.to 52.6 in February, the fastest in over a decade, following January's 50.1, according to data released on Wednesday. A reading above 50 indicates an expansion of activity. Non-manufacturing PMI rose to 56.3 from January's print of 54.4.
The positive news out of China, the world's factory and largest trading partner of the U.S. and Germany, pushed the U.S. dollar lower against major currencies, lifting risk assets like bitcoin and stocks higher. The leading cryptocurrency by market value jumped 4% from $23,000 to nearly $24,000 before pulling back slightly to $23,700, according to coinDesk data. The dollar index, which tracks the greenback's value against majors, fell 0.5% to 104.36.rose 4.15%, leading the risk-on recovery in Asian equity indices. Major European indices and futures tied to Wall Street's tech-heavy index Nasdaq also posted modest gains. Bitcoin is positively correlated to Nasdaq and stock markets, in general.
The cryptocurrency's early Wednesday bounce is consistent with the recent trend of Asian flows leading the market strength. "We note that ever since the November BTC bottom, BTC has seen a healthy and stable uptrend during Asian hours, with no notable downside days. Returns during the U.S. session have been more erratic, with the major rallies in January occurring during the U.S. trading session, whereas last week's rally occurred during European hours," Vetle Lunde, analyst at K33 Research said in a note published on Feb. 21.
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