Crypto

Bitcoin and Ether Prices Rise as Crypto Market Stages Rally; Solana Biggest Winner in Top 10

Bitcoin and ether rallied in Thursday morning trading in Asia amid broad gains in the top 10 non-stablecoin cryptocurrencies after a series of profit-taking and mixed economic indicators that sent prices lower on Wednesday. Solana, Polygon, and Cardano led gains in the top 10 by market cap. US stocks were mixed overnight. Tesla beat earnings forecasts, but Microsoft’s poor outlook on Wednesday and a rate hike expected next week kept trading under wraps.

See related article: Regulators should not legitimize ‘purely speculative’ crypto activity: Singapore’s monetary authority chief

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  • Bitcoin is up 2% to $23,096 in the 24 hours to 8 a.m. in Hong Kong. The world’s largest cryptocurrency by market cap is up 11.66% in the seven days so far, continuing a strong uptrend since the start of the year after hitting a speed bump on Wednesday. According to data from CoinMarketCap, Ether is up 3.43% to $1,610 in the same week, up 6.36%.

  • Solana is up 7.78% at $24.56 and is up 17.9% for weeks. Solana recently opened pre-orders for its blockchain-focused mobile phone, Solana Saga, which is expected to launch as soon as the first quarter of this year.

  • Polygon then gained 3.85% to $0.99 Fractal NFT gaming site on Wednesday said it would be expanded to the Polygon network. Cardano is up 3.91% to $0.37.

  • Total crypto market cap rose 2.72% to $1.05 trillion, while trading volume increased 12% to $61.86 billion.

  • US stock markets had a mixed day on Wednesday. The Dow Jones Industrial Average rose 0.03% while the S&P 500 and Nasdaq Composite fell nearly 0.2%.

  • More economic indicators will be released in the US on Thursday, including GDP, durable goods orders and jobless claims, which could guide stocks through the end of the week.

  • Federal Reserve members are in what is known as a blackout period before meeting next week – January 31 to February 1 – to decide on the next rate hike. Analysts at CME Group are forecasting a 99.8% chance of a 25 basis point rise.

  • Last month, the Fed raised interest rates by 50 basis points to 4.25% to 4.5%, the highest in 15 years, in an attempt to slow the pace of inflation, and a number of indicators are suggesting a slowdown takes place. However, some investors remain concerned that the US economy, the world’s largest, is slipping into recession.

See related article: Binance says it mistakenly mixed customer funds with collateral for Binance-issued tokens

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