Bitcoin and Ether both fell in Thursday morning trading in Asia and with the exception of stablecoins, all other top 10 cryptocurrencies by market capitalization lost ground. Uniswap, which comes in at 16 by market cap, was the only sign of green in a list of losers in the last 24 hours and it posted only marginal gains.
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Fast facts
- Bitcoin dropped 1.1% in the past 24 hours to trade at US$19,128 as of 8 a.m. in Hong Kong, while Ether fell 2%% to US$1,285, according to data from CoinMarketCap.
- Solana saw the biggest losses in CoinMarketCap’s top 10, falling 4.3% to US$28.86, while Cardano was close behind, dropping 3.5% to US$0.34.
- Uniswap was the only token in the top 30 to post any gains, rising 0.5% to US$6.58. This follows Uniswap’s chief operating officer, Mary-Catherine Lader making bullish comments on the future of decentralized exchanges in an article in the business magazine Fortune this week and a funding round last week that put a higher valuation on Uniswap Labs.
- U.S. equities fell Wednesday to break a two-day run of gains as bond yields surged to the highest since 2008. The Dow Jones Industrial Average dipped 0.3% and the S&P 500 Index fell 0.7%. The Nasdaq Composite Index lost 0.9%.
- U.S. equities had gained earlier in the week as earnings season showed many companies are in better shape than expected, despite a series of interest rate increases this year to rein in inflation. Of 62 companies from the S&P 500 reporting earnings as of Wednesday, 74% beat profit expectations, according to data aggregator Refinitiv.
- The U.S. Federal Reserve could potentially pause its interest-rate hikes next year if there is clear evidence core inflation is slowing, Minneapolis Fed President Neel Kashkari said on Wednesday. The Fed has raised interest rates from near zero in March this year to a range of 3% and 3.25%. It has committed to bringing inflation down to a target range of 2% from its current pace of 8.2%.
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