Bitcoin rallied in early Monday morning trading in Asia to recapture the $30,000 support level, but then pulled back. Ether rose to close to $1,900, while most of the other top 10 non-stablecoins posted gains. Cardano's ADA token led the winners. In other markets, NFTs traded unchanged, while US stock futures followed suit. Next week brings a lot more gains in the US to give investors a sense of the state of the economy, while the Federal Reserve has a two day meeting where it is expected to raise interest rates.
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Bitcoin was up 1.33% over the 24 hours to US$30,059 at 07:30 a.m. in Hong Kong, according to data from CoinMarketCap. Ether gained 1.73% to $1,887.
However, both tokens still have to offset losses over the past seven days, with Bitcoin down 0.37% for the week, while Ether is down 1.73% for the week. Bitcoin pulled back later in the morning.
Bitcoin and Ether trading will remain range-bound until the Fed's rate decision on July 27, Mark Wong, a senior trader at Hong Kong-based digital asset platform Hashkey Group, said in a Friday newsletter. โA rate hike is virtually priced in with an implied probability of 99.8% from the futures market,โ Wong said.
Most of the other top 10 non-stablecoin cryptocurrencies were also trading higher on Monday, with Cardano's ADA token leading the gainers with a 3.01% gain to $0.3169 and up 0.59% on the week.
Input Output Global, one of the developers behind the Cardano blockchain, said last week mitril โ a signature scheme based on Cardano stakes โ was close to being released on the mainnet to improve node synchronization and security of the Cardano network.
On the regulatory front, part of the court's recent verdict in the wavy case it was "badly decided" saying the US Securities and Exchange Commission (SEC) on Friday in documents filed in its ongoing lawsuit against Singapore-based Terraform Labs, hinting that the SEC would challenge Ripple's ruling.
The SEC in February loaded Singapore-based Terraform Labs Pte and its co-founder Do Hyeong Kwon with the orchestration of a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.
Total crypto market capitalization rose 1.14% over the past 24 hours to $1.20 trillion, while trading volume rose 13.56% to $24.5 billion.
(Updates to add comments, show Bitcoin pulled out later in the morning.)
