Bitcoin and Ether rose alongside other top 10 non-stablecoin cryptocurrencies in trading in Asia on Tuesday morning. This is buoyed by signs that inflationary pressures are easing in the US, with Solana recording the biggest gains and returning to the top 10 list by market capitalization. , and was the only token to meet reports of stepping up investigations into Binance Global, the world’s largest cryptocurrency exchange.
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quick facts
- Bitcoin rose 0.6% to $17,193 in the 24 hours ending 8am in Hong Kong, up 3% over the past week. According to CoinMarketCap, Ether rose 2.6% to 1,321 USD, up 8.8% weekly.
- Solana rose 13.7% to trade at US$16.29, up 44.5% in a week, making it the best start of the year among major tokens. Gain follows the release of his new Solana-based Dogecoin-themed token called Bonk. Released late last year, Bonk is currently trading at around US$0.000001628, up almost 1400%.
- BNB fell 0.7% to $272.64, but is still up 11% over the past week. Federal prosecutors have reportedly demanded records of communications with Binance and issued subpoenas to several US hedge funds as part of an investigation into possible money laundering violations.
- Cardano’s ADA token rose 7.4% to $0.32 USD, a weekly gain of 24.9%. The run comes after ADA enters the top 10 most used cryptocurrencies for payments in 2022 for the first time, according to a Jan. 4 report by Lithuanian cryptocurrency payment processor Coingate.
- Cryptocurrency market capitalization increased by 1.6% to US$848.3 billion, while trading volume increased by 112.2% to US$46.9 billion.
- US stocks had a mixed trading day on Monday. The Dow Jones Industrial Average fell 0.3%, the S&P 500 Index fell 0.1% and the Nasdaq Composite Index rose 0.6%.
- The U.S. Federal Reserve raised interest rates last year to curb inflation, pushing stock indices down and raising fears of a recession. The December US Consumer Price Index, a key indicator of inflation, is out this week on Jan. 12 and should provide further guidance on his Fed policy going forward.
- Other items to watch today include Fed Chairman Jerome Powell speaking at a central bank meeting in Sweden and Japan releasing its December CPI report.
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