Bitcoin ended above US$17,000 in Wednesday morning trading, a level it has fluctuated over the past several weeks. Ether also continues to trade slowly with most of the other 10 free cryptocurrencies. Solana is the only brand to gain more than 1%.
Bitcoin rose 0.7% to $17,092 in the 24 hours to 8 a.m. in Hong Kong, while Ether gained 1% to trade at $1,271, according to CoinMarketCap.
All other indicators in the top 10 are trading within 1% range except Solana which rose 3.3% to change hands at US$ 14.29. Top memecoin Dogecoin fell 1.2% to US $ 0.10.
The benefit of Solana follows the announcement of a partnership between the non-fungible token (NFT) service Solana Degenerate Apes and the web3 game Degen Royale.
Total crypto market capitalization rose 0.4% to $857 billion, while trading volume fell 10.1% to $36.2 billion.
U.S. stocks fell on Tuesday after Wall Street leaders said a recession could be on the cards next year, and inflation remained strong despite interest rate hikes. ‘front by the US Federal Reserve this year.
The Dow Jones fell 1%, the Nasdaq Composite Index fell 2% and the S&P
500 index closed the day down 1.4% for a 4-day losing streak.
“The price trend is now going to 5%,” JPMorgan Chase CEO Jamie Dimon said in an interview with CNBC on Tuesday. “When you look ahead, these things can really damage the economy and make this soft and hard recession that people are talking about.”
In the same interview, Dimon criticized cryptocurrencies, calling them “pet stones”.
Chairman of Goldman Sachs Group Inc. David Solomon also predicted a recession in the coming months, citing high interest rates and inflation in a statement at the Wall Street Journal CEO Council Summit in Washington, D.C.
The Fed has raised interest rates since March in an effort to reduce inflation from near zero to a 15-year high of 3.75% to 4%, and indicated that rates could eventually rise above 5%. The Fed has said it wants inflation within its 2% target. Consumer prices showed an increase of 7.7% in October, down from 8.2% in September.
Trade data released on Tuesday showed US trade expanded 5.4% in October to the fourth quarter of $78.2 billion, a sign of the weakening of US goods and services.