Bitcoin climbed higher above the US$23,000 resistance line, while ether was little changed in mixed morning trading in Asia on Tuesday. Most of the top 10 non-stable currencies were trading in a boxing range of 1%. XRP and Polkadot were the breakout exceptions, both rising by over 5%.
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- Bitcoin was trading up 0.9% at US$22,928 in Hong Kong in the 24 hours to 8:00 a.m., adding up to 8.2% gains over the past calendar week. Ether fell less than 0.1% to US$1,627, a 3.2% increase for the week, according to data from Coinmarketcap.
- After the addition of a new function known as CheckCashMakesTrustLine to the XRP Ledger network, XRP gained 5.9% to trade at US$0.42, a weekly gain of 9.8%. growing optimism Ripple Labs executives – the company whose payment network is powered by XRP – that the lawsuit filed against Ripple by the US Securities and Exchange Commission (SEC) will be settled in the first half of this year.
- XRP bump also follows Abnormal purchase of non-fungible tokens (NFT) on the nascent XRPL NFT market. The NFT was created by developer Wietse Wind without images or metadata purely as a test on the network, but was purchased regardless.
- Polkadot jumped 5.9% to US$6.57, a weekly gain of 13.1%, following the successful launch of version 3 of the network’s XCM “cross-consensus messaging”, which reportedly improves cross-chain communication and improves the network’s security. Creates the base for NFTs.
- Total crypto market capitalization increased by 1.5% to US$1.05 trillion in 24 hours, while trading volume increased by 6.6% to US$56.3 billion.
- US stocks climbed on Monday. The Dow Jones Industrial Average rose 0.8%, the S&P 500 rose 1.2% and the Nasdaq Composite index closed 2% higher as it posted back-to-back gains of more than 2%.
- Tech-giant Apple Inc. posted gains in the tech-heavy Nasdaq. This was helped by strong performances from firms such as Intel, which rose 2.4% to US$141.11, and chipmaker NVIDIA Inc., which rose 7.6% to US$191.93.
- Several big earnings news are expected this week from companies such as Tesla Inc, Microsoft Corp and Visa Inc.
- Members of the US Federal Reserve will be in a so-called blackout period before they meet on January 31 – February 1 to decide the next move on interest rates, where CME Group analysts predict a 99.8% chance of a 25 basis point hike. , Other US economic indicators coming this week that could influence that decision include durable goods orders and consumer sentiment.
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