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Bitcoin hovered around $50,000 after scaling the closely watched level for the first time in over two years, a remarkable comeback from the crypto scandals and wipeouts that had cast doubt on the industry’s viability.
Bitcoin slid to the lowest since mid-December as the speculative demand for the token sparked by hype about new exchange-traded funds dissipates, leaving the cryptocurrency in the red since the start of 2024.
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Asian equities were mixed Thursday, with China extending a drop, after strong US retail sales data cast fresh doubt on the likelihood of a Federal Reserve rate cut in March.
Chinese President Xi Jinping pledged to strengthen economic momentum and job creation, acknowledging some companies and citizens had endured a difficult 2023 in a rare admission of domestic headwinds facing the country.
Japan’s labor market remained relatively tight in November, keeping pressure on employers to boost pay in order to fill positions as companies prepare to engage in annual wage negotiations with unions.