Hong Kong’s OSL Sees Strong Institutional Interest in Crypto, Despite Luna-Induced Volatility; Bitcoin and Ether Surge

June 24, 2022 Hong Kong Blockchain

In the ongoing tug-of-war between the forces driving bitcoin over $20,000 and those dragging it below, the drivers won in Thursday trading.

Bitcoin was recently trading at about $21,100, a more than 5% increase over the past 24 hours that helped the largest cryptocurrency regain much of the ground lost the previous day. Ether, the second largest crypto by market cap, was changing hands over $1,140, an 8% gain. Other major altcoins assumed various shades of green with STORJ and POLY assuming two of the darkest hues, rising more than 30% and 20%, respectively at one point.

Crypto increases dovetailed with equities gains as investors relaxed at least temporarily from their risk-averse crouches. The tech-focused Nasdaq, which has increasingly predicted digital assets’ performances, rose 1.6%, while the S&P 500, which contains a heavy tech component, climbed almost a percentage point after a second day of testimony by U.S. central bank Chair Jerome Powell, whose defiant tone about inflation and frank acknowledgement that the Fed’s monetary hawkishness might lead to a recession soothed markets craving clarity.