Bitcoin and Ether rose with most of the top 10 cryptocurrencies by market capitalization in Monday morning trading in Asia. The gains follow a flash crash last Friday afternoon that dragged the world’s leading cryptocurrency below US$21,000 on Saturday for the first time in almost a month. Bitcoin is still down about 12% in the last seven days, while Ether is off 18%.
See related article: Bitcoin, Ether fall in broad crypto pull back; memecoins reverse gains
- Bitcoin rose 1.6% in the past 24 hours to trade at US$21,520 as of 8 a.m. in Hong Kong. Ether was changing hands at US$1,615, up 2.4% according to CoinMarketCap.
- BNB was the best-performing token in CoinMarketCap’s top 10, gaining 6.5% to US$302.39. Solana added 3.3% to US$36.49, while Cardano and XRP were both up around 2.5%. Dogecoin dipped 0.1% to US$0.069.
- In non-fungible tokens, the floor price for leading NFT Bored Ape Yacht Club fell to an eight-month low of 65.67 Ether on Sunday, down from a high of over 150 in early May.
- Financial markets were rattled last week following the release of minutes from the U.S. Federal Open Market Committee’s July meeting, which indicated the Federal Reserve is likely to continue to raise interest rates to get inflation under control.
- Investors are also concerned with economic data from China that shows the world’s second-largest economy is slowing down due to Covid-19 lockdowns and extensive heat waves that have hampered production.
See related article: Australians can now use crypto to buy gasoline, Krispy Kreme donuts