Bitcoin, Ether little changed; Polygon, XRP lead losers; Cardano holds onto gains

Bitcoin and Ether traded little changed on Friday morning in Asia, with most other tokens in the top 10 list of non-stablecoin cryptocurrencies losing ground. XRP and Polygon led the losers, while Cardano’s Ada token continued to run higher.

See related article: MoneyGram seeks to seal parts of its filings in XRP case between Ripple, SEC

Quick facts

  • Bitcoin fell 0.13% to US$16,839 in the last 24 hours as of 8am in Hong Kong. Ether fell by 0.44% to US$1,250, according to CoinMarketCap data. Bitcoin rose more than 1% in the first week of the 2023 calendar, while Ether added more than 4%.

  • XRP lost 2.71% to US$0.338 and is down 1.3% for the week. Polygon fell 2.21% to US$0.788, but held gains of more than 1% over the past seven days. Tron fell 1.85% to US$0.0537 and was little changed for the week.

  • Cardano was the only gainer in the top 10 crypto, adding 0.56% to US $0.2691. Ada, the native token for the Cardano proof-of-stake blockchain, saw gains of 10% last week. A strong factor is a report by the payment processor CoinGate which states that the token in 2022 has entered the top 10 list of the most used cryptocurrencies for the first time.

  • The total capitalization of the cryptocurrency market decreased by 0.46% to US $ 817.45 billion. The trade volume decreased by 23.83% to US$27.26 billion.

  • The collapse of the FTX exchange continued to rumble the crypto industry in the first week of the New Year, hurting the companies associated with it. Crypto bank Silvergate Capital cut 40% of its staff after facing US$8.1 billion in withdrawals caused by the failure of FTX in November. Crypto lender Genesis Global Trading has also reportedly cut its headcount by 30% and is considering filing for bankruptcy, according to the Wall Street Journal, citing people familiar with the developments.

  • US equities ended lower on Thursday as worries about a recession returned to prominence after the Federal Reserve made clear its intention to end inflation with potentially high interest rate hikes. The Dow Jones Industrial Average fell 1% and the S&P 500 Index fell 1.16%. The Nasdaq Composite Index lost 1.47%.

  • Some recent indicators in the US suggest that inflation is slowing, such as the Institute for Supply Management’s manufacturing index that was released this week and fell to 48.4 to show an economic slowdown. However, the minutes of the Federal Reserve’s December meeting released on Wednesday indicated that it will continue a policy of raising interest rates to curb inflation.

  • The US Consumer Price Index (CPI) showed that inflation rose to 7.1% in November compared to 2021, despite a steady decline from October 7.7% and 8.2% in September. The December CPI will be announced on January 12.

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See related article: Silvergate cuts 40% of staff after covering US$8.1B withdrawal in FTX collapse

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