Bitcoin, Ether up; ADA posts most gains among top 10 cryptos
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Bitcoin rallied by 1.21% in the past 24 hours, to trade at US$23,005 by 4 p.m. in Hong Kong. Ether gained 3.31% to change hands at US$1,606, according to CoinMarketCap data.
Bitcoin fell below the US$21,000 mark in early November after the collapse of FTX exchange took the industry by storm. Bitcoin was able to reclaim its pre-FTX price on Jan. 16, which acts as a psychological price level for investors.
Cardano surged 4.84% to trade at US$0.37, and Solana had the second biggest gain with a 4.69% jump to US$24.39.
The global cryptocurrency market capitalization increased by 1.89% to US$1.05 trillion in the 24 hours to 4 p.m. in Hong Kong. The total crypto market trading volume increased by 9.25% to US$62.70 billion.
Traders returned from the Lunar New Year holidays in various Asian markets, where equities were up despite Wall Street’s overnight slide. Shanghai Composite Index gained 0.76% and Hong Kong’s Hang Seng Index inched up by 2.19%, its highest close in almost two years.
Japan’s Nikkei 225 slid by 0.12% while South Korea’s latest economic data showed its GDP fell by 0.4% in the last quarter of 2022 from the third quarter, marking the first time its economy had contracted in two and a half years.
Members of the U.S. Federal Reserve are scheduled to meet next week to decide the next move on interest rates. Analysts from CME Group predict a 99.8% chance of an increase of 25 basis points.
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