Bitcoin, Ether prices rise as crypto stages rebound

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Bitcoin and Ether rallied during Thursday morning trading in Asia amid broad gains in the top 10 unstable cryptocurrencies after a period of profit-taking and mixed economic indicators drove prices lower on Wednesday. Solana, Polygon and Cardano led earnings in the top 10 by market capitalization. US equities were mixed overnight. Tesla beat earnings forecasts, but Microsoft’s poor outlook on Wednesday and a rate hike expected next week held back trading.

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Quick Facts

  • Bitcoin rose 2% to US$23,096 in the 24 hours to 8 hours in Hong Kong. The world’s largest cryptocurrency by market capitalization is up 11.66% in the seven days so far, resuming a strong year-to-date rise after a speed bump on Wednesday. Ether added 3.43% to US$1,610, up from 6.36% in the same week, according to CoinMarketCap data.
  • Solana rose 7.78% to US$24.56 and posted a week-to-date growth of 17.9%. Solana recently opened pre-orders for its blockchain-focused mobile phone Solana Saga, which is expected to launch as early as the first quarter of this year.
  • Polygon added 3.85% to US$0.99 after the Fractal NFT game site on Wednesday said it was expanding to the Polygon network. Cardano rose 3.91% to US$0.37.
  • Total crypto market cap grew 2.72% to US$1.05 trillion, while trading volume increased 12% to US$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 both 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.
  • Members of the US Federal Reserve are in a so-called blackout period before meeting next week – January 31 to February 1 – to decide on the next rate hike. CME Group analysts predict a 99.8% chance of a 25 basis point increase.
  • Last month, the Fed raised rates by 50 basis points to between 4.25% and 4.5%, the highest in 15 years, to try to slow the pace of inflation and a number of indicators suggest that a slowdown is underway. However, some investors remain concerned that the US economy, the world’s largest, is heading into recession.

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