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Bitcoin rose Monday morning in Asia, reaching a five-month high. Ether also rose, along with other top 10 non-stablecoin cryptocurrencies, with Solana and Litecoin recording the biggest gains. Cryptocurrency market capitalization has surpassed US$1 trillion for the eighth straight day, the longest record since August 2022.
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quick facts
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Bitcoin traded 3.2% higher at US$23,764 between 24 hours and 8am in Hong Kong after hitting an overnight high of US$23,918. It is up 4.6% over the past week. Ether rose 4.7% to US$1,645 on Monday morning, according to CoinMarketCap data, and last week he was up 1.1%.
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Solana, a former Sam Bankman-Fried-backed network, rose 8.9% to US$26.11, up 7.8% weekly, as the network continues to recover from FTX-related losses.
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Litecoin climbed 6% to trade at US$94.98 with a weekly profit of 8.4%. After reporting The network has been around for 11 years with zero downtime.
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Cryptocurrency market capitalization increased 3.2% to $1.8 trillion, while total trading volume increased 38% to $51.28 billion.
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US stocks closed higher on Friday. The Dow Jones Industrial Average was up 0.1%, the S&P 500 Index was up 0.3% and the Nasdaq Composite was up 1%.
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Three major technology companies, Amazon.com Inc., Apple Inc. and Meta Platforms Inc., are set to report earnings this week. 2023.
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The US Federal Reserve (Fed) will meet this week from January 31st to February 1st. The Fed is expected to raise the benchmark rate by another 25 basis points as part of its continued effort to keep inflation in check. The central bank last month announced a 50 basis point rate hike to a target range of between 4.25% and 4.5%.
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In December, the US consumer price index, a leading inflation indicator, rose 6.5% year-on-year, down from a November record of 7.1%, the biggest monthly drop since April 2020.
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