Bitcoin and Ether traded higher Friday morning in Asia, along with nearly all other non-stablecoin top 10 cryptocurrencies. Dogecoin led the gains with a rise of nearly 4.5%, followed by Cardano and XRP. BNB edged lower.
See related article: Retiring U.S. Senator Pat Toomey introduces bill for regulating stablecoins
- Bitcoin edged up 0.07% to US$16,829 in the 24 hours to 8 a.m. in Hong Kong, while Ether rose 0.36% to change hands at US$1,218, according to data from CoinMarketCap.
- Dogecoin gained 4.46% to trade at US$0.07696, recovering from some heavy losses logged earlier this week after long-time Dogecoin supporter Elon Musk said he will step down as Twitter chief.
- Twitter on Thursday enabled a new search feature that shows Bitcoin and Ether price charts, but the function has yet to be available for the memecoin. The token traded down 9.16% over the past seven days.
- Cardano rose 1.33% to US$0.2565 after losing 14.52% over the past week. XRP nudged up 1% to flip hands at US$0.3496, but was still down 7.57% in the past seven days. BNB slipped 0.06%.
- The price movements came after news emerged that Sam Bankman-Fried, founder of the failed FTX.com exchange, was released on a US$250 million bail package on Thursday in the U.S.
- The collapse of Bankman-Fried’s exchange last month amid fraud charges prompted massive selling and withdrawals from centralized crypto exchanges as investors worried more failures could follow.
- U.S. equities ended the day lower on Thursday. The Dow Jones Industrial Average fell 1.05%, and the S&P 500 Index lost 1.45%. The Nasdaq Composite Index was down 2.18%. The declines followed a relief rally on Wednesday after data showed the U.S. consumer confidence index reached an eight-month high in December.
See related article: SEC, Ripple get extensions to exclude expert testimony in XRP lawsuit