Bitcoin and Ethereum were largely unchanged in Friday morning trading in Asia. Polkadot rose to leapfrog Dogecoin into the top 10 list by market capitalization, while Solana posted the biggest percentage gain on the list.
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- Bitcoin rose less than 0.1% in the past 24 hours to change hands at US$19,321 at 8 a.m. in Hong Kong, while Ether gained the same amount to trade at US$1,633, according to data from CoinMarketCap.
- Polkadot rose 2.5% to US$7.39, overtaking Dogecoin which fell 0.2% to US$0.06. Solana saw the largest gains in the list, rising 2.8% to US$33.63.
- Terra Classic (LUNC), the original network of the ill-fated Terra/Luna algorithmic stablecoin project, gained 15.78% to trade at $0.0005173, marking gains of nearly 90% over the past seven days. This comes as the world’s largest crypto exchange, Binance, announced support for a 1.2% tax burn for on-chain transactions of LUNC and USTC on Terra Classic network.
- U.S. equities rose on Thursday. The Dow Jones Industrial Average and the Nasdaq Composite Index both closed up 0.6%, while the S&P 500 Index gained 0.7%. The gains, while marginal, came even as Federal Reserve Chairman Jerome Powell restated that the central bank is committed to raising interest rates “until the job is done,” in comments to the Cato Institute on Thursday.
- Markets are expecting the Fed to raise rates by 75 basis points at its meeting later this month. The August U.S. Consumer Price Index for release on Tuesday is the next key indicator that feeds into interest-rate decision making at the Federal Reserve in its campaign against inflation. Interest rates in the U.S. are currently between 2.25%-2.5%.
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