Bitcoin gained in Thursday evening trading in Asia and remained above US$20,000. Ether values fluctuated in the day but eventually rallied. Of the top 10 cryptocurrencies by market capitalization, XRP led gains while stablecoins Tether and Binance USD declined on the day.
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- Bitcoin gained 0.34% in the past 24 hours to trade at US$20,181 at 4:30 p.m. in Hong Kong, while Ether rose 1.43% to US$1,364, according to data from CoinMarketCap.
- XRP gained 3.4% to change hands at US$0.4935 amid a wave of developments for Ripple Labs, the firm whose payment network is powered by XRP. Ripple Labs received a boost from its inclusion in CB Insights’ list of most promising fintech companies in the world, but was dealt a blow in its ongoing case against the U.S. SEC when the SEC objected to the inclusion of two firms seeking to testify in Ripple’s favor in the lawsuit.
- Dogecoin’s rising momentum slowed but continued to rise, gaining 1.04% to trade at US$0.06503, following Tuesday’s news that long-time advocate of the memecoin, Elon Musk, would continue with his purchase of Twitter.
- Solana rose by 0.89% to US$34.02 and Cardano gained 0.78% to US$0.432.
- Asia equity markets were mixed following Wall Street’s slip overnight. The Hong Kong Hang Seng Index closed 0.42% lower, while the Nikkei 225 gained 0.7%. The Shanghai Composite Index remained closed for China’s Golden Week holiday.
- Inflation woes continued as the Australian Bureau of Statistics reported that fruit and vegetable costs rose by 18.6% in August compared to a year earlier, with inflation in the same period at 6.8%. Similar concerns persisted in the U.S., where Atlanta Federal Reserve President Raphael Bostic said on Wednesday “we are still decidedly in the inflationary woods, not out of them.”
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