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Live news updates: Bitcoin rises above $22,000 as US interest rates threat recedes

Bitcoin prices surged above $22,000 on Tuesday as expectations of aggressive US Federal Reserve rate hikes faded, stoking sentiment in the highly volatile cryptocurrency market.

The most popular crypto is up as much as 6.8 percent to hit a high of $22,954.36 per coin, its highest price since June 14, the day lender Celsius Network paused withdrawals amid a digital asset market slump .

However, equity markets in Asia-Pacific largely tracked the decline in the US as fears over lockdowns in China outweighed easing worries about interest rates.

Hong Kong’s Hang Seng Index slipped as much as 1.2 percent and China’s CSI 300 fell 0.7 percent. The Japanese Topix gained 0.8 percent.

Japanese investment bank Nomura said Monday that as many as 41 Chinese cities were under full or partial lockdown or county-controlled.

A health worker takes a swab sample in Shanghai © Hector Retamal/AFP/Getty Images

The restrictions will affect 264 million people in regions that account for about 18.7 percent of the country’s economic activity, a deterioration from a week ago when only 31 cities were subject to such restrictions.

US stocks gave up early gains on Monday after reports of slowing spending at tech giant Apple reignited concerns over a possible recession.

The S&P 500, which was up as much as 1 percent earlier in the day, fell to 0.8 percent. The Nasdaq Composite also slipped 0.8 percent.

Oil prices were also impacted by China’s lockdown fears on Tuesday, with international benchmark Brent crude slipping 0.2 percent to trade at $106.03 a barrel and US marker West Texas Intermediate down 0.2 percent to 102 $.45 fell.

Live news updates: Bitcoin rises above $22,000 as US interest rates threat recedes Source link Live news updates: Bitcoin rises above $22,000 as US interest rates threat recedes

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