Markets: Bitcoin price dips, Ether little changed, Litecoin adds to gains, Dogecoin biggest loser

Lachlan Keller

1 year ago

Pile of bitcoins falling. | Markets: Bitcoin price dips, Ether little changed, Litecoin adds to gains, Dogecoin biggest loser

Bitcoin slipped back, while Ether was little changed in mixed Wednesday morning trading in Asia for the top 10 non-stablecoin cryptocurrencies. Litecoin, Polkadot and BNB edged up, while Dogecoin led the losers on the list.

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Fast facts

Bitcoin fell 0.1% to US$16,679 in the 24 hours to 8 a.m. in Hong Kong, while Ethereum was little changed at US$1,214, according to pricing data from CoinMarketCap.
Litecoin rose 1% to US$75.60, posting the biggest gains on the top 10 list and adding to a recent rise after the network said it had a record high number of transactions in 2022. The token has risen 10% over the past calendar week.
Polkadot rose 0.8% to US$4.52, while BNB was up 0.2% to change hands at US$246.14.
Dogecoin led the losers with a drop of 1.4% to US$0.07, bringing its losses to 4.4% for the week. XRP fell 1.3% to trade at US$0.34, down 6.6% over the past seven days.
The total crypto market cap fell 0.2% to US$804.9 billion, while trading volume rose 10.7% to US$26.6 billion.
U.S. equities fell on Tuesday, their first day of trading after the New Year’s holiday break. The S&P 500 lost 0.4% and the Nasdaq Composite fell 0.8%. The Dow Jones Industrial Average closed the day down less than 0.1%.
Technology-related stocks had a bad day, with Tesla dropping as much as 15% after it missed estimates for deliveries. Apple Inc. lost 3.7%, which brought its market capitalization to US$1.9 trillion, or below the US$2 trillion mark for the first time since March 2021.
U.S. stock and bond markets had one of the worst years on record in 2022, with the S&P 500 losing 19.4%, as the Fed cranked up interest rates to slow the pace of inflation.
The U.S. Federal Reserve will release the minutes of its December meeting on Wednesday, which should offer further guidance on inflation and interest rate policy. The Fed raised rates by 50-basis points in December, bringing benchmark rates to between 4.25% and 4.5% — the highest in 15 years. It also warned of more increases to come in 2023 as it makes tackling inflation the priority.
The latest U.S. consumer price index showed that inflation was up 7.1% in November compared to last year, though a decline from readings of 7.7% in October and 8.2% in September.