Bitcoin and Ether prices traded in Asia on Thursday morning, rising in line with other top 10 non-stablecoin cryptocurrencies, with signs of slowing inflation in the U.S. leading to nearly a week of price gains. The December Consumer Price Index (CPI) was released on Thursday in the US, a key inflation indicator for the Federal Reserve’s interest rate policy. XRP has recorded the biggest gains following the progress of the U.S. Securities and Exchange Commission’s lawsuit against Ripple Labs, Inc. Ripple Labs, Inc.’s payment network is powered by XRP.
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quick facts
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Bitcoin rose 3% to $17,968 in the 24 hours ending 8am in Hong Kong, up 6.5% over the past week. Ether is up 4.7% to $1,389, up 10.6% weekly. According to CoinMarketCap.
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XRP rose 6.9% to $0.37, up 7.8% weekly. Defense Attorney, Former Federal Prosecutor, James Finlan tweeted The SEC filed a motion opposing Ripple’s motion to seal the documents, arguing that they should be made available to the public. The lawsuit, which began two years ago, appears to be nearing summary judgment. last week’s ripples A decision is expected in the first half of this year.
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Litecoin surged 4.2% to trade at US$84.23. Twitter thread from crypto analyst Rekt Capitalwhich suggests a bullish outlook for the network around the next halving event in July this year. Similar to Bitcoin, Litecoin’s halving will see miners halving their current rewards of 6.25 LTC. It means fighting inflation by receiving and maintaining scarcity.
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Avalanche jumped 28.8% to $16.37, its highest since early November. network has partnered It has partnered with web hosting service Amazon Web Services to “accelerate blockchain adoption by businesses, institutions and governments.”Additionally, the leading Web3 wallet platform Exodus also announced Avalanche support of the week.
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Cryptocurrency market capitalization increased by 0.9% to US$865.3 billion, while trading volume fell by 2.2% to US$34.5 billion.
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US stocks rose Wednesday. The Dow Jones Industrial Average rose his 0.8%, the S&P 500 Index rose 1.3% and the Nasdaq Composite Index closed his 1.8% gain.
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Stocks, like cryptocurrencies, took a hit earlier this year on the back of last Friday’s economic data suggesting inflation may be easing in the world’s largest economy. His CPI for December, released Thursday morning in the United States, is expected to show a 6.5% year-on-year rise from his 7.1% in November, according to a survey of economists by Dow Jones.
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The Federal Reserve (Fed) is watching the numbers closely as it decides how to adjust interest rates in the country ahead of its meeting later this month. The Fed will raise interest rates significantly in 2022 to curb inflation. This sent stock indices lower and raised concerns that the economy was headed for recession.
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