Bitcoin edged above US$17,000 in Wednesday morning trading, a level it has fluctuated around for much of the past week. Ether also advanced with most of the other top 10 non-stable cryptocurrencies in slow trade. Solana was the only token to gain more than 1%.
See related article: Unfazed by FTX fiasco, Goldman Sachs eyes crypto market investments
Fast facts
-
Bitcoin was up 0.7% to hit US$17,092 in the 24 hours to 8 a.m. in Hong Kong, while Ether gained 1% to trade at US$1,271, according to CoinMarketCap.
-
All other tokens in the top 10 were trading within the 1% range except for Solana which rose 3.3% to change hands at US$14.29. Top memecoin Dogecoin fell 1.2% to US$0.10.
-
Solana wins followed the ad from a partnership between the Solana non-fungible token (NFT) project Degenerate Apes and the Web3 game Degen Royale.
-
The total crypto market capitalization rose 0.4% to $857 billion, while trading volume fell 10.1% to $36.2 billion.
-
U.S. stocks ended lower on Tuesday after Wall Street leaders said a recession could be on the cards next year, with inflation remaining stubbornly high despite successive interest rate hikes by the U.S. Federal Reserve this year.
-
The Dow Jones fell 1%, the Nasdaq Composite Index fell 2% and the S&P 500 index closed the day down 1.4% for a 4-day losing streak.
-
“Rates are now on their way to 5%,” JPMorgan Chase CEO Jamie Dimon said in an interview with CNBC on Tuesday. “When you look ahead, these things could very well derail the economy and cause this mild to hard recession that people are talking about.”
-
In the same interview, Dimon criticized cryptocurrencies, calling them “pet rocks”.
-
Goldman Sachs Group Inc. CEO David Solomon also predicted a recession in the coming months, citing high interest rates and inflation in comments at the Wall Street Journal CEO Council Summit in Washington. , DC
-
The Fed has been raising interest rates since March in an attempt to slow inflation from near zero to a 15-year high of 3.75% to 4%, and has signaled that rates could eventually top 5 %. The Fed has said it wants inflation within a 2% target range. The consumer price index showed inflation was 7.7% in October, down from 8.2% in September.
-
Trade data released on Tuesday showed the U.S. trade deficit widened 5.4% in October to a four-month high of $78.2 billion, a sign of weakening demand for U.S. goods and services.
See related article: Hong Kong’s race to launch first crypto-linked ETF begins
