Bitcoin traded little changed on Monday morning in Asia to hold above the US$27,000 threshold. Ether also traded flat, along with most other top 10 non-stablecoin cryptocurrencies. However, Solana and XRP both gained more than 4%. U.S. stocks jumped Friday as a deal was approved to raise the debt ceiling, with the bill signed by U.S. President Joe Biden on Saturday to avoid a government default. U.S. Stock futures were trading flat on Monday morning in Asia. Investor focus has shifted to what will be the next move on interest rates by the Federal Reserve when it meets on June 14.
Bitcoin, Ether trade flat; Solana, XRP gain
Bitcoin edged up 0.87% over the last 24 hours to US$27,309 at 7:00 a.m. in Hong Kong, but is down 2.84% in the past seven days, according to data from CoinMarketCap. The world’s largest cryptocurrency fell to as low as $26,574 on Friday.
Ether traded 0.67% higher in the past 24 hours to US$1,904, little changed for the week.
Most other top 10 non-stablecoin cryptocurrencies traded flat. The exceptions were a 4.69% price jump for Solana, and a 4.19% gain for XRP.
Solana’s move comes just as non-fungible token (NFT) secondary sales on the Solana network rose 21.62% over the last 24 hours, according to data from CryptoSlam.
XRP is up 12.06% over the past week, gaining momentum after the XRP community reacted to the draft bill Digital Asset Market Structure Proposal released Friday by Republicans that seeks clarity in regulating cryptocurrencies as securities or commodities. Pro-XRP lawyer Jeremy Hogan tweeted that the discussion draft could be known as an “XRP holder protecting” act.
The Securities Clarity Act.
Also known as the:
“XRP holder protecting/Coinbase & Binance relieving/Crypto start-up protecting/USA Pro-innovation/Hinman speech codifying/Stick it to the SEC/ ACT.”
— Jeremy Hogan (@attorneyjeremy1) June 2, 2023
“Investor sentiment across both digital assets as well as traditional finance appears to be in a holding pattern waiting for further indications from the U.S. Federal Reserve and other central banks as to anticipated interest rate movements in the third quarter of this year,” Nathan Simmons, chief compliance officer of Hong Kong-based digital asset platform VDX, said late Friday.