Bitcoin back above US$17,000, Ether gains along with other top 10 crypto

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Bit­coin trad­ed above US$17,000 Mon­day morn­ing in Asia, with all the top 10 non-sta­ble­coin cryp­tocur­ren­cies by mar­ket cap gain­ing ground. Investors see infla­tion fears eas­ing in the U.S., the world’s biggest econ­o­my, while Chi­na has start­ed to relax Covid-19 restric­tions in many cities, rais­ing expec­ta­tions the world’s sec­ond-biggest econ­o­my will get back on the growth track after GDP slowed this year to around 3% from a tar­get of 5.5%.  

See relat­ed arti­cle: DeFi pro­to­col Ankr to buy US$5 mln of BNB to cov­er funds lost in exploit

Fast facts

  • Bit­coin rose 1.3% to US$17,127 in the 24 hours to 8 a.m. in Hong Kong, while Ether gained 3% to US$1,278, accord­ing to data on Coin­Mar­ket­Cap.
  • Lead­ing meme­coin Doge­coin rose 4.4% to US$0.104, lead­ing gains in CoinMarketCap’s list, while Poly­gon added 2% to US$0.92. Polka­dot and the meme­coin Shi­ba Inu both rose more than 1.5%.
  • The total cryp­to mar­ket cap expand­ed 1.3% to US$858 bil­lion, while trad­ing vol­ume fell 1.8% to US$30.7 bil­lion.
     
  • Chi­na has start­ed to ease its so-called zero-Covid-19 con­trol mea­sures with sev­er­al cities drop­ping the require­ments for proof of neg­a­tive tests for entry into pub­lic spaces.
  • Shang­hai city author­i­ties said in a Sun­day state­ment that start­ing from Mon­day, it will stop check­ing PCR test results for res­i­dents to enter pub­lic venues or take pub­lic trans­port. Hangzhou, where Chi­nese e‑commerce giant Aliba­ba Group Hold­ing is head­quar­tered, also announced on Sun­day that it won’t require pas­sen­gers on pub­lic trans­port to present neg­a­tive PCR test results. Asia stock mar­kets opened broad­ly high­er on the developments.
  • U.S. equi­ties had a mixed day of trad­ing on Fri­day. The S&P 500 Index dropped 0.1% and the Nas­daq fell 0.2%, while the Dow Jones Indus­tri­al Aver­age rose 0.1%.
  • The U.S. jobs report out Fri­day showed the econ­o­my added 263,000 posi­tions in Novem­ber or more than the 200,000 expect­ed, while the unem­ploy­ment rate sits at a near 50-year low of 3.7%. While high­er than expect­ed, it’s a slow­er pace of growth than the 284,000 jobs added in Octo­ber and the 269,000 in Sep­tem­ber, sug­gest­ing infla­tion is eas­ing overall.
  • U.S. Fed­er­al Reserve Chair Jerome Pow­ell said last week that the cen­tral bank may start eas­ing the pace of inter­est rate hikes. The Fed is expect­ed to raise rates by 50 basis points in the Dec. 13–14 meet­ing, down from the 75-basis points in the pre­vi­ous four meetings.
  • The Fed has been increas­ing inter­est rates since March to try to slow infla­tion, rais­ing from near zero to a 15-year high of 3.75% to 4%, and has sig­naled that rates may end up exceed­ing 5%. The Fed has said it wants infla­tion in a tar­get range of 2%. The con­sumer price index showed infla­tion was run­ning at 7.7% in Octo­ber, down from 8.2% in September.
  • The group of 23 oil-pro­duc­ing nations, known as OPEC+, decid­ed on Sun­day to main­tain exist­ing pro­duc­tion cuts of 2 mil­lion bar­rels a day, or rough­ly 2% of glob­al sup­ply, until the end of 2023.

See relat­ed arti­cle: Coin­base dis­ables NFT trans­fer on iOS app, cit­ing hefty in-app fees

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