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Bitcoin and Ether were both up Thursday morning in Asia as the US Federal Reserve released meeting minutes on Wednesday suggesting it is looking to slow the rate of interest rate increases as the threat of recession grows. All other top 10 cryptocurrencies by market capitalization, excluding stablecoins, also rose, with Solana and Litecoin posting the largest gains.

See related article: Who is exposed to FTX? A build running on a fast moving target

Fast facts

  • Bitcoin was up 2.5% to hit US$16,611 in the 24 hours to 8am in Hong Kong, while Ether gained 4.2% to change hands at US$1,183, according to CoinMarketCap.

  • Solana rose 15.2% to US$14.34 after a few days of steady losses as the cryptocurrency once ranked fourth by market capitalization was one of the hardest hit by the collapse of FTX, the sister company Alameda Research holding large amounts of the token. in its reserves. The token is still down 56% since the start of the month.

  • Litecoin continued its price run, gaining 12.1% to trade at US$7.98, marking gains of 37.7% over the past seven days. Litecoin’s recent success can be attributed to investors turning to stability in a volatile market.

  • BNB, Binance Global Inc.’s own blockchain, Binance Global Inc.’s own blockchain, also rose 12% to $298.42 at its highest price since just after Binance’s bankruptcy declaration. FTX. Binance CEO Changpeng Zhao played a pivotal role in FTX’s collapse, as in early November he announced that Binance was liquidating its positions in FTX’s native token, FTT, which contributed to a bank run on the token.

  • US stocks rose after the November meeting minutes were released. The Dow Jones Industrial Average rose 0.3%, the S&P 500 Index gained 0.6% and the Nasdaq Composite Index rose 1%.

  • According to the minutes, Fed officials agreed they would soon begin to slow the rate of interest rate hikes amid fears of a growing threat of recession. Officials said slowing that pace would give them time to assess the effect the interest rate hikes of recent months have already had on the economy, as these take time to have a meaningful impact on the economy. the economy.

  • The Fed has raised interest rates since March of this year in an attempt to curb inflation, taking them from near zero to a 15-year high of 3.75% to 4%. The Fed has indicated that it will continue to raise rates until inflation reaches a target range of 2%.

  • Officials said the ultimate interest rate was higher than they had expected, with recent statements indicating it could end up exceeding 5%. They also said they saw little sign of inflation easing, although the consumer price index showed inflation stood at 7.7% in October, down from 8.2% in september.

  • See related article: BNB Chain back online after around $100m lost in possible exploit

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