Bitcoin inched up during Wednesday afternoon trade in Asia while most of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, rallied from recent losses.
- Bitcoin inched up 0.12% in the past 24 hours to trade at US$16,864 at 4 p.m. in Hong Kong, but declined 7.65% in the previous seven days, while Ether led losses among the top 10 cryptos, falling 1.4% to US$1,250, according to data from CoinMarketCap.
- XRP rose 2.18% to US$0.39, adding to recent gains following crypto exchange Coinbase’s submission of an amicus brief on Monday to support Ripple Labs Inc. – whose payment system is powered by XRP – in the lawsuit filed against them by the U.S. Securities and Exchange Commission.
- Memecoin Shiba Inu led gains among the top 10 cryptos, rising 3.4% to US$0.00000952, Cardano gained 1.11% to change hands at US$0.34, Solana fell 0.93% to US$14.36 and leading memecoin Dogecoin rose 2.28% to US$0.0896.
- CRO, the native token of the Crypto.com exchange, lost 3.32% to US$0.073, down 26.33% for the previous seven days, following news that Crypto.com accidentally sent some US$400 million worth of Ether to the wrong wallet address while trying to move it to cold storage. This sparked concerns Crypto.com may experience the same situation as FTX, after plunging prices of FTX’s native token FTT compounded financial pressures on the exchange and resulted in its eventual bankruptcy on Friday.
- Asia equity markets were mixed following Wall Street’s gains overnight. The Nikkei 225 rose 0.14% in Tokyo, while the Shanghai Composite Index fell 0.45% and the Hong Kong Hang Seng Index closed 0.47% lower.
- October inflation in the U.K. was reported on Wednesday to have risen from 10.1% for September to 11.1%, surpassing market forecasts of 10.7%. “Indicative modeled consumer price inflation estimates suggest that the consumer price index would have last been higher in October 1981, where the estimate for the annual inflation rate was 11.2%,” the Office for National Statistics said. The monthly CPI 2% gain for October is comparable to the annual rate between July 2020 and 2021.
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