Bitcoin traded back in the US$19,000 range on Wednesday morning in Asia after breaching US$20,000 the previous day in a broader market surge. Ether was little changed, while Solana, Cardano and XRP on the list of top 10 by market capitalization lost ground.
See related article: Markets: Bitcoin price rises above US$20,000, XRP rebounds, Ether rallies
- Bitcoin fell 0.6% in the past 24 hours to trade at US$19,105 at 8 a.m. in Hong Kong, while Ether dipped 0.4% to US$1,329, according to data from CoinMarketCap.
- XRP led losses in CoinMarketCap’s top 10, falling 4% to US$0.44 as it continued to lose ground after reaching a four month high of US$0.55 earlier in the week. XRP had been on a price run higher amid reports a summary judgment may be granted in the lawsuit between the U.S. Securities and Exchange Commission and XRP issuer Ripple Labs Inc., which would conclude the case without a trial.
- Solana fell 3.3% to US$32.72 and the Cardano token lost 1.1% to US$0.44.
- UNI, the native token of the Uniswap decentralized exchange (DEX) that ranks just outside the top 10 list, jumped 8.1% to US$6.39. The gains follow news last week that the Uniswap Foundation, the organization behind the DEX, had distributed US$1.4 million in grants to projects working on the network, the largest going to Uniswap Diamond, which will improve functions on Uniswap.
- U.S. equities had a mixed day on Tuesday. The S&P 500 Index closed down 0.2%, as it recorded its longest losing streak since February 2020. The Dow Jones Industrial Average fell 0.4% to continue its fall into the bear market officially announced on Tuesday after it lost 20% from its recent peak. The Nasdaq Composite Index ended the day up 0.3%
- Investors remain in the shadow of a widespread rise in interest rates as central banks around the world attempt to tamp down inflation, which is at a four decade high in the U.S. The U.S. Federal Reserve raised rates by 75 basis points last week and more increases are expected through the end of the year.
See related article: Ripple objects to SEC’s relief suggestion in XRP lawsuit