Sentiment in cryptocurrency markets is a tad better on Tuesday. Markets are getting a modest lift from China reopening bets as authorities there shift their focus on ramping up Covid-19 vaccination in vulnerable groups. This would be a welcomed shift in policy that some hope might be a precursor to a departure from the country's Zero Covid strategy that has been disruptive to global markets.
Total cryptocurrency market capitalization was last a little over 1.5% higher at just under $790 billion. Bitcoin was last changing hands in the mid-$16,000s and just under its 21 Day Moving Average (DMA) at $16,500, up about 1.0% on Tuesday. Ethereum, the world’s second-largest cryptocurrency by market cap, was last up closer to 3.5% after breaking back above $1,200.
However, major cryptocurrency prices remain largely locked within recent ranges as investors await important macro events later this week. There will be a lot of focus on US economic data and the outlook for Fed policy, with Fed Chair Jerome Powell speaking on Wednesday and various key US labor market and inflation readings set for release before the end of the week.
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