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US stock sank on Wednesday with major benchmarks coming under pressure following Treasuries signaling growing concerns about a recession next year amid the Fed’s tightening. On Thursday, Asian stocks fluctuated amid signs of rapid reopening in China as the nation further relaxed some of its most stringent Covid restrictions. The dollar strengthened after a minor setback as the demand for safe haven jumped.
Little was changed in the crypto market with major cryptocurrencies being stuck in narrow ranges. As of the time of writing, BTC is drifting further away from the $17k handle, after posting a marginal loss over the last 24 hours. The outlook of the largest crypto by market cap remains bleak as the market grapples with the depths of a bear market. A total of $213 billion in realized loss has been locked in by BTC investors over the past year, accounting for a relative capital loss of nearly 50% of the bull market gains, similar in scale to the 2018 cycle.
ETH did not fare as well. It is down 1.8% in the same period, currently changing hands near $1,230. Mid-to-large-cap altcoins saw mixed performances, with LTC and CRO returning previous gains and then some in a similar time frame.
According to the New York Times, US Federal prosecutors are investigating FTX founder and former CEO Sam Bankman-Fried over possible market manipulation of TerraUSD and Luna. They are looking into whether Bankman-Fried could have steered the price of LUNA and UST, although it remains unclear whether the prosecutors have determined any wrongdoing. The probe is just one of several ongoing investigations targeted at Bankman-Fried’s crypto empire by authorities. The Department of Justice and the Securities Exchange Commission are also looking into FTX in the days that led up to its eventual collapse.