The top 10 cryptocurrencies by market capitalization saw little change on the day, with XRP leading gains with a 1.65% rise.
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Fast facts
- Bitcoin slipped 0.02% in the past 24 hours to trade at US$19,416 at 4 p.m. in Hong Kong, while Ether inched up 0.12% to US$1,317, according to data from CoinMarketCap.
- XRP gained 1.65% to change hands at US$0.525. It has strengthened by 18.8% over the last seven days following a wave of developments advantageous to Ripple Labs, whose payment network is powered by XRP, in its lawsuit with the U.S. Securities and Exchange Commission.
- The rest of the tokens in the top 10 cryptocurrencies saw slight changes on the day. Solana rose 0.58% to US$32.91, BNB slipped 0.17% to US$276.80, and Dogecoin inched 0.31% higher to US$0.06187.
- Asia equity markets fell after Wall Street declined on Friday. Hong Kong’s Hang Seng Index dropped 2.92%, with its Tech index down 3.46% after some of its Chinese chip stocks fell following new export rules from the U.S. The Shanghai Composite Index closed 1.66% lower on its return from China’s Golden Week holiday, while Japan’s Nikkei 225 was closed today for a national holiday.
- These losses in Asia follow signs of cooling in the U.S. economy where the Bureau of Labor Statistics reported on Friday that 263,000 jobs were added in September, down from 315,000 in August, suggesting that the Federal Reserve’s strategy to tackle inflation of 8.3% (as of the 12 months ending in August) by raising interest rates has not been entirely effective.
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