Bitcoin rose in early Monday morning trading in Asia to reclaim the US$30,000 support level, but later retreated. Ether moved higher to near US$1,900, while most other top 10 non-stablecoin cryptocurrencies logged gains. Cardano’s ADA token led the winners. In other markets, NFTs traded flat, while U.S. equity futures did the same. The week ahead brings lots more earnings in the U.S. for investors to get a picture of the state of the economy, while the Federal Reserve has a two-day meeting where it’s expected to raise interest rates.
Bitcoin rose 1.33% over the 24 hours to US$30,059 as of 07:30 a.m. in Hong Kong, according to data from CoinMarketCap. Ether gained 1.73% to US$1,887.
However, both tokens have yet to make up losses for the past seven days, with Bitcoin off 0.37% for the week, while Ether is sitting on a weekly loss of 1.73%. Bitcoin fell back later in the morning.
Trading in Bitcoin and Ether will remain rangebound until the Fed decision on rates on July 27, Mark Wong, senior trader at Hong Kong-based digital asset platform Hashkey Group, said in a Friday newsletter. “A rate hike is all but priced in with an implied probability of 99.8% from the futures market,” Wong said.
Most other top 10 non-stablecoin cryptocurrencies also traded higher Monday, with Cardano’s ADA token leading the winners with a gain of 3.01% to US$0.3169 and up 0.59% for the week.
Input Output Global, one of the developers behind the Cardano blockchain, last week said Mithril – a Cardano stake-based signature scheme – was nearing its mainnet launch to improve the node syncing and security of the Cardano network.
On the regulatory front, a portion of the court’s recent verdict in the Ripple case was “wrongly decided,” said the U.S. Securities and Exchange Commission (SEC) on Friday in documents filed in its on-going lawsuit against Singapore-based Terraform Labs, hinting that the SEC would challenge the Ripple ruling.
The SEC in February charged Singapore-based Terraform Labs Pte and its co-founder Do Hyeong Kwon with orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.
The total crypto market capitalization rose 1.14% in the past 24 hours to US$1.20 trillion, while trading volume rose 13.56% to US$24.5 billion.
(Updates to add comment, show Bitcoin retreated later in morning.)