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Bitcoin traded little unchanged in Asia on Monday morning, surpassing a four-month high of US$22,000 amid a broader gain over the weekend. This is underpinned by comments from the US Federal Reserve at its last central bank meeting in favor of a smaller rate hike. of this month. Ether also saw little change in its chaotic morning for the top 10 cryptocurrencies other than stablecoins. Dogecoin led the rise, with Solana recording the biggest loss.
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quick facts
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Bitcoin fell 0.2% in Hong Kong to trade at US$22,722 in the 24 hours to 8am, taking last week’s calendar-week gain to 8.8%. The world’s largest cryptocurrency hit a four-month high of US$23,278 on Saturday morning, now higher than before the market-wide downturn following the collapse of Bahamas-based cryptocurrency exchange FTX.com. traded at levels.
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Ether rose 0.1% to US$1,628, up 4.9% this week, according to data from CoinMarketCap.
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Dogecoin is up 4.2% to $0.08, up 2.5% this week. The world’s leading memecoin hits US$0.09 overnight, a five-week high.
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Solana fell 1.6% to trade at US$24.24, but managed to gain 5.9% last week. Due to the token’s rally over the weekend, it has risen to several places on CoinMarketCap’s list of the largest cryptocurrencies by market cap and is now in slot 10.
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Over the 24 hours, cryptocurrency market cap fell 1.6% to $1.3 trillion, while trading volume fell 16.1% to $52.8 billion. Crypto market capitalization hit $1.5 trillion on Saturday, the highest since early November, or just before the FTX collapse.
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US stocks rose Friday. The Dow Jones Industrial Average was up 1%, the S&P 500 Index was up 1.9% and the Nasdaq Composite Index was up 2.7%, marking its third straight weekly gain of 0.6%.
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The Nasdaq was helped by strong results from Netflix Inc., which surged 8.5% to US$342.50 on higher than expected subscriber numbers. Alphabet Inc., the parent company of search engine Google, rose 5.3% to $98.02 after announcing it would lay off about 12,000 employees, or about 6% of its workforce.
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US Federal Reserve Governor Christopher Waller said he would support raising interest rates by 25 basis points at the Fed’s next meeting, based on recent economic data.
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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. The Fed has its next meeting scheduled for January 31 to February 1, and CME Group analysts predict he has a 99.8% chance of a 25 basis point hike.
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Other major US earnings reports this week include Tesla, Microsoft and Visa. Members of the Federal Reserve will enter a so-called blackout period before meeting to decide the next move on interest rates at the end of the month. Other US economic data out this week that could influence that decision include durable goods orders and consumer sentiment.
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