Live Updates: Bitcoin Surpasses $22,000 as US Interest Rate Threat Eases

Bitcoin prices rose above $22,000 on Tuesday as expectations for aggressive interest rate hikes from the US Federal Reserve waned, stoking sentiment in the highly volatile cryptocurrency market.

The most popular crypto gained as much as 6.8% to hit a high of $22,954.36 per coin, its highest price since June 14, the day lender Celsius Network suspended withdrawals amid of a digital asset market rout.

However, Asia-Pacific stock markets mostly followed the US decline as fears over lockdowns in China outweighed easing interest rate concerns.

Hong Kong’s Hang Seng index lost as much as 1.2% and China’s CSI 300 fell 0.7%. Japan’s Topix gained 0.8 percent.

Japanese investment bank Nomura said on Monday that up to 41 Chinese cities were subject to full or partial shutdowns or district-based controls.

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

The restrictions cover 264 million people in regions that account for around 18.7% of the country’s economic activity, a deterioration from a week ago, when just 31 cities were under such restrictions.

On Monday, U.S. stocks gave up early gains after news of slowing spending by technology group Apple reignited worries about a possible recession.

The S&P 500, which rose 1% earlier in the day, fell 0.8%. The Nasdaq Composite also slipped 0.8%.

Oil prices were also rattled by fears of a Chinese lockdown on Tuesday, with international benchmark Brent crude shedding 0.2% to trade at $106.03 a barrel and US marker West Texas Intermediate down 0.2% to reach $102.45.

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