Bitcoin, Ether trade higher; Solana biggest weekly gainer among top 10 cryptos

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Bit­coin and Ether rose in Fri­day after­noon trad­ing in Asia, along with all oth­er top 10 non-sta­ble­coin cryp­tocur­ren­cies, after the U.S. post­ed a 6.5% year-on-year increase in the Con­sumer Price Index (CPI) for Decem­ber, which came in low­er than infla­tion read­ings in pre­vi­ous months.

See relat­ed arti­cle: Crypto.com announces 20% cut in head­count, cites post-FTX mar­ket conditions

Fast facts

  • Bit­coin trad­ed 3.77% high­er to US$18,829 in the past 24 hours to 4 p.m. in Hong Kong, a 12.1% rise over the past cal­en­dar week, accord­ing to data from Coin­Mar­ket­Cap. Ether gained 0.72% to trade at US$1,409, up 12.92% over the past week.
  • Solana rose 4% to change hands at US$16.90, and strength­ened 28.8% over the past week, mak­ing it the largest gain­er among the top 10 non-sta­ble­coin tokens by mar­ket cap­i­tal­iza­tion. Solana has surged by about 70% since the new year fol­low­ing the launch of Bonk, a Solana-focused dog-themed coin.
  • Avalanche trad­ed high­er 1.11% to flip hands at US$15.53, book­ing a 34.58% week­ly increase, after Avalanche said Thurs­day that it has part­nered with cloud ser­vice provider Ama­zon Web Ser­vices to accel­er­ate blockchain adoption.
  • Asian equi­ties mar­kets most­ly fin­ished high­er on Fri­day. Hong Kong’s Hang Seng Index closed 1.04% high­er, and the Shang­hai Com­pos­ite Index added 1.01%. Japan’s Nikkei 225 dropped 1.25%.
  • The Decem­ber CPI read­ing in the U.S. fell from November’s 7.1% and marked the small­est annu­al increase since Octo­ber 2021.
  • “As the Fed’s inter­est rate hikes have appeared to slow down, it could pro­vide a more favor­able envi­ron­ment for investors to re-enter the mar­ket and invest in cryp­tocur­ren­cies and oth­er risk assets,” Hen­ry Liu, chief exec­u­tive offi­cer of BTSE cryp­to exchange reg­is­tered in the British Vir­gin Islands, told Forkast in an email.
  • Liu added: “While oth­er macro­eco­nom­ic fac­tors such as the Ukraine war and infla­tion may affect mar­ket sen­ti­ment, we are opti­mistic that the new year will bring renewed inter­est and invest­ment in the market.”
  • China’s exports fell by 9.9% in Decem­ber from a year ago, while imports fell by 7.5%, with both data com­ing in slight­ly bet­ter than Reuters’ poll, accord­ing to the country’s cus­toms data released Friday.

See relat­ed arti­cle: SEC in the U.S. charges Gen­e­sis, Gem­i­ni with sell­ing unreg­is­tered securities

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