Bitcoin Flat, Most Crypto Top 10s Drop as Fed Indicates Further Rate Hikes

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Bitcoin traded little on Friday morning in Asia, while Ether fell along with most other unstable cryptocurrencies by market capitalization. XRP was the exception, building on favorable developments in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs Inc., whose payment network is powered by XRP.

See related article: Ripple wins Blockchain Association support in XRP lawsuit against SEC

Fast facts

  • Bitcoin traded up 0.1% at US$16,684 in the 24 hours to 8 a.m. in Hong Kong, while Ether fell 1.25% to US$1,200, according to CoinMarketCap.

  • XRP rose 1.7% to change hands at US$0.38 as US lobby group Blockchain Association joined other institutions in filing amicus briefs to support Ripple in its legal battle with the SEC. “The extremely broad interpretation of securities laws by the SEC would have devastating effects on the industry (and even outside the industry),” the Blockchain Association said in the brief.

  • Solana posted the heaviest losses on CoinMarketCap’s list, dropping 4.6% to US$13.62 and adding to two weeks of declines amid the FTX.com slump. The latest concern for Solana investors came from Binance Global Inc., the world’s largest cryptocurrency exchange, which flip-flopped on Solana-based variants of major stablecoins USDT and USDC, saying on Thursday, it was suspending withdrawals and deposits only for reverse himself a few hours later.

  • U.S. stocks ended lower on Thursday, posting their first consecutive losses in two weeks. The Dow Jones Industrial Average fell 0.02%, the S&P 500 Index fell 0.3% and the Nasdaq Composite Index ended the day down 0.4%.

  • James Bullard, Chairman of the St. Louis Federal Reserve said Thursday that the Fed’s benchmark interest rate may need to rise as high as 7% to slow inflation. “So far, the change in monetary policy stance appears to have had only limited effects on observed inflation, but market prices suggest disinflation is expected in 2023,” he said. he declares.

  • The US Federal Reserve has raised interest rates since March this year in an attempt to curb inflation, taking them from near zero to a 15-year high of 3.75% to 4%. The Fed has indicated that it will continue to raise rates until inflation reaches a target range of 2%.

  • Recent data suggests that inflation begins to subside in the United States, while the producer price index released earlier this week showed wholesale prices rose 0.2% in October – below the 0.4% forecast by analysts – while that the consumer price index showed inflation was 7.7% in October, down from 8.2% in September.

See related article: New FTX chief criticizes lack of proper corporate governance under Sam Bankman-Fried

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