Bitcoin price stuck under US$19,000, Ether falls, XRP bounces back

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Bit­coin trad­ed below US$19,000 Thurs­day after­noon in Asia after drop­ping below that resis­tance lev­el ear­li­er, fol­low­ing the U.S. Fed­er­al Reserve’s deci­sion to raise inter­est rates by 75 basis points. Ether also fell. XRP was the biggest gain­er among the 10 largest coins by mar­ket cap­i­tal­iza­tion, while most oth­er top 10 tokens were lit­tle changed.

See relat­ed arti­cle: Mar­kets: Bit­coin price falls below US$19,000, Ether slumps, XRP drops on law­suit delay

Fast facts

  • Bit­coin dipped 0.1% in the past 24 hours to trade at US$18,934 at 4 p.m. in Hong Kong. Ethereum fell 4% to US$1,278, and logged a 21.8% sev­en-day decline, accord­ing to data from Coin­Mar­ket­Cap.
  • XRP, the native token of XRP Ledger that pow­ers Ripple’s pay­ment net­work, gained 5.3% to change hands at US$0.4231, and has risen 24% over the past sev­en days. Cryp­tocur­ren­cy lob­by group Cham­ber of Dig­i­tal Com­merce on Wednes­day received court approval to weigh in on the law­suit between the U.S. Secu­ri­ties and Exchange Com­mis­sion and Rip­ple Labs.
  • Asia equi­ty mar­kets tum­bled fol­low­ing Wall Street’s fall overnight. The Hong Kong Hang Seng index lost 1.6% and fell to its low­est since 2011. The Shang­hai Com­pos­ite index closed down 0.3%, and the Nikkei 225 index slipped 0.6%.
  • Fol­low­ing the Fed’s move, the Hong Kong Mon­e­tary Author­i­ty (HKMA), the city’s de fac­to cen­tral bank, on Thurs­day raised its base rate by 75 basis points to 3.5%. This came after the Fed raised rates and warned of more increas­es to come to rein in inflation.
  • Eddie Yue, chief exec­u­tive of the HKMA, said on Thurs­day that the pub­lic should be pre­pared for banks to increase com­mer­cial inter­est rates, and “care­ful­ly assess and man­age the rel­e­vant risks when mak­ing prop­er­ty pur­chase, mort­gage or oth­er bor­row­ing decisions.”

See relat­ed arti­cle: Cryp­tocur­ren­cy lob­by group gets court approval to weigh in on SEC vs Ripple’s XRP lawsuit

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