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Bitcoin and Ether fell in Asia Thursday morning, along with most other non-stablecoin cryptocurrencies, on concerns over the direction of the US economy and interest rates. Prices also fell overnight after the US announced it would take a “major international cryptocurrency enforcement action.” This turned out to be related to the relatively market-devastating arrest of the Russian owner of Hong Kong-registered exchange Bitzlato Ltd., but the price did not recover.
See related articles: Silvergate reports US$1 billion loss, attributed to ‘crisis of trust’ in crypto sector
quick facts
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Bitcoin fell 2.2% to $20,686 in the 24 hours to 8am in Hong Kong, but is still up 18.6% over the past week. Ether fell 3.4% to US$1,514 for him, according to CoinMarketCap data, slashing his profit for the same week to 9.1%.
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Memecoin Shiba Inu gained 6.2% to $0.0000112 USD. It was the only token on CoinMarketCap’s Top 10 list to see a market cap increase, with a weekly gain of 22.4%. The momentum comes as investors eagerly await the release of Sibarium, an Ethereum-based Layer 2 network, in the coming weeks.
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Solana fell 9% to US$27.16, the biggest loss on CoinMarketCap’s list, but is one of the best performing tokens in 2023, up 27.2% in a week.
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Polygon fell 5.5% to US$0.94 and Cardano fell 5.4% to US$0.32, the second and third largest losses after Solana.
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Over the 24 hours, the market capitalization of cryptocurrencies fell by 2.4% to US$968.1 billion, while trading volume increased by 28.5% to US$61.6 billion.
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The U.S. Department of Justice has announced that it has charged Bitzlato Ltd with money laundering related to $700 million in cryptocurrencies and arrested founder Anatoly Legkodymov in Miami. Deputy Attorney General Lisa Monaco said at a press conference at the Justice Department, “Even if you’re breaking our laws from China or Europe, or exploiting our financial system from a tropical island, there’s no way within the U.S. courtroom.” You can expect to answer crimes at Reuters, according to a report by Reuters.
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US stocks fell Wednesday. The Dow Jones Industrial Average fell his 1.8%, the S&P 500 fell his 1.6% and the Nasdaq Composite Index closed his 1.2%. The decline came as retail sales fell 1.1% in December, according to the U.S. Department of Commerce, matching the biggest decline in a year and beating the 0.8% decline economists predicted would add to recession fears. rice field.
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In addition, St. Louis Federal Reserve Governor James Bullard said the Fed should not “stall” interest rate hikes to combat inflation until above 5%.
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Last month, the Fed raised interest rates by 50 basis points to 4.25% to 4.5%, the highest level in 15 years. His next Fed meeting is from Jan. 31 to Feb. 1, and CME Group analysts predict he’ll rise 25 basis points with a 94.2% chance.
See related articles: FTX says $415 million in crypto has been hacked since filing for bankruptcy
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