Bitcoin fell back below US$17,000 in Friday morning trading in Asia. Ether and all other non-stable cryptocurrencies by market capitalization also lost ground. Dogecoin saw the largest drop on the list, while Polkadot and Polygon both fell less than 2%.
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Fast facts
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Bitcoin fell 1.2% to $16,968, in the 24 hours at 8 a.m. in Hong Kong, while Ether was down 1.5% to $1,276 according to CoinMarketCap.
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The total crypto market cap fell 1.5% to $583 billion, while 24-hour trading volume fell 17.4% to $43.7 billion.
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Dogecoin fell 4.8% to US$0.101. The meme coin is still up 24.8% last week due to speculation that it could be integrated into a payment system on Twitter after Elon Musk, a longtime fan of the token, bought the platform. -form of social media.
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BNB lost 2.8% to trade at US$292.25 and Litecoin fell 2.2% to US$77.56.
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US stocks had a mixed day on Thursday. The Dow Jones Industrial Average fell 0.6% and the S&P 500 Index fell 0.1% while the Nasdaq Composite Index ended the day up 0.1%.
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The US Senate on Thursday afternoon approved a bill to force railroad unions to accept a labor agreement to avert a possible railroad strike over the holiday season, averting what the US president Biden described it as a potential “Christmas disaster”.
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Investors await Friday’s release of U.S. jobs data in November to hear how the Federal Reserve’s months-long campaign to fight inflation by raising interest rates is fueling the economy.
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Fed Chairman Jerome Powell said Wednesday that the central bank may soon begin to slow the pace of interest rate hikes. The Fed is expected to raise rates by 50 basis points at its next meeting on December 13-14, down from the 75 basis point hikes it set at the previous four meetings.
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