Bitcoin rallied above US$17,000 in Asian trading on Friday morning, helped by US stocks’ gains overnight. Ether has gained the most among the top 10 non-stablecoin cryptocurrencies by market capitalization. All top 10 lists climbed.
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quick facts
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According to data from CoinMarketCap, Bitcoin rose 2.29% to trade at US$17,232 in Hong Kong in the 24 hours to 8 am, while Ether rose 3.92% to trade at US$1,280.
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All other cryptocurrencies on the CoinMarketCap Top 10 list won. XRP rose 2.8% to US$0.39 while Dogecoin rose 2.86% to US$0.098. Polygon’s MATIC rose 3.52% to $0.92.
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As of 9:30 a.m. Hong Kong, the global cryptocurrency market capitalization increased by 2.24% to US$859 billion. Trading volume increased by 0.48% to reach US$37 billion.
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US stocks closed higher on Thursday. The Nasdaq Composite Index rose 1.13% and the S&P 500 Index closed at his 0.75% higher, ending a five-day losing streak. The Dow Jones Industrial Average also rose 0.55%.
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The gain came on the back of a rise in unemployment claims on Thursday. This is an economic slowdown indicator that supports the view that the US Federal Reserve may slow down the pace and magnitude of interest rate hikes.
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The Federal Reserve (Fed) has hiked interest rates since March to curb inflation, from near zero to a 15-year high of 3.75% to 4%, with interest rates likely to eventually exceed 5%. suggests that there is a
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The Federal Reserve has said it wants inflation to stay within its 2% target band. Inflation in October fell to 7.7% from 8.2% in September, according to the Consumer Price Index.
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