Bitcoin and Ether rose Wednesday morning in trading in Asia, with all other non-stable cryptocurrencies also gaining ground as China announced on Tuesday it would relax some Covid rules in response to protests. The protests began last week and have spread to several cities, rocking capital markets around the world.
See related article: Bitcoin price follows fall in Asian stock markets amid growing protests from China over Covid-19 lockdowns
Fast facts
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Bitcoin rose 1.5% to $16,467 in the 24 hours at 8 a.m. in Hong Kong, while Ether gained 4.25% to trade at $1,219, according to CoinMarketCap.
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Dogecoin saw the largest gains in CoinMarketCap’s Top 10 list, rising 6.75% to $0.10, taking its past seven-day gains to 30%. Dogecoin has surged in recent weeks as longtime attorney Elon Musk hinted it could be used for payments as part of an overhaul of the Twitter social media platform he bought late. october.
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XRP rose 2.1% to change hands at US$0.39. The gains came despite Coinbase Global Inc., the largest US-based crypto exchange, saying its wallets would no longer support XRP, as well as Bitcoin Cash and Stellar tokens, from January 2023, citing low usage. Investors seemed indifferent to this, as all three tokens gained more than 1%.
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The total crypto market capitalization was $834 billion, down 18% from $1.023 billion on Nov. 9, before the FTX.com exchange filed for bankruptcy.
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Trading volume in the past 24 hours fell 13.05% to $43.27 billion.
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US stocks had a mixed Tuesday. The Dow Jones rose less than 0.1%, while the S&P 500 index fell 0.2% and the Nasdaq Composite index closed down 0.6% on a third straight trading day. losses for the last two indices.
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Investors look to Wednesday when US Federal Reserve Chairman Jerome Powell will speak on the state of the economy and inflation. The Fed has raised interest rates by 75 basis points four times this year to curb inflation, but is expected to raise them by 50 basis points at the December 13-14 meeting.
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The Fed has raised interest rates since March in an attempt to curb inflation from near zero to a 15-year high of 3.75% to 4%, and signaled that rates could end up exceed 5%. The Fed has indicated that it will continue to raise rates until inflation reaches a target range of 2%. The consumer price index showed inflation was 7.7% in October, down from 8.2% in September.
See related article: NFT footage of anti-lockdown protests in China floods OpenSea
