Bitcoin Starts march on a Positive Note
Bitcoin has started March on a good note, the king coin nearly hit $24K a few hours ago
Bitcoin Jumps 4% as Upbeat China Manufacturing Data Improves Risk Appetite
“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.
Hong Kong’s Hang Seng index 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.”