Bitcoin edged up above US$17,000 in Wednesday morning trading, a level it has fluctuated around for much of the past week. Ether also tracked higher along with most other top 10 non-stablecoin cryptocurrencies in slow trading. Solana was the only token to gain more than 1%.
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Fast facts
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Bitcoin rose 0.7% to US$17,092 in the 24 hours to 8 a.m. in Hong Kong, while Ether gained 1% to trade at US$1,271, according to CoinMarketCap.
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All other top ten tokens were trading within a 1% range, except for Solana which rose 3.3% to change hands at US$14.29. The leading memecoin Dogecoin fell 1.2% to US$0.10.
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Solana gains followed the announcement of a partnership between Solana non-fungible token (NFT) project Degenerate Apes and Web3 game Degen Royale.
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The total crypto market cap rose 0.4% to US$857 billion, while trading volume fell 10.1% to US$36.2 billion.
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U.S. equities ended Tuesday lower after Wall Street executives said a recession could be on the cards for next year as inflation remains stubbornly high despite the U.S. Federal Reserve successive increases in interest rates this year.
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The Dow Jones fell 1%, the Nasdaq Composite Index dropped 2%, and the S&P 500 Index closed the day 1.4% lower for a 4-day losing streak.
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“Rates are now on their way to 5%,” said JPMorgan Chase Chief Executive Officer Jamie Dimon in an interview with CNBC on Tuesday. “When you’re looking forward, those things very well might derail the economy and cause this mild to hard recession people are talking about.”
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In the same interview, Dimon slammed cryptocurrencies, calling them “pet rocks.”
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Goldman Sachs Group Inc. Chief Executive Officer David Solomon also predicted a recession in coming months, citing high interest rates and inflation in comments at the Wall Street Journal’s CEO Council Summit in Washington, D.C.
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The Fed has increased interest rates since March to try to slow inflation, raising from near zero to a 15-year high of 3.75% to 4%, and has signaled that rates may end up exceeding 5%. The Fed has said it wants inflation in a target range of 2%. The consumer price index showed inflation was running at 7.7% in October, down from 8.2% in September.
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Trade data released on Tuesday showed that the U.S. trade deficit rose 5.4% in October to a four-month high of US$78.2 billion, in a sign of weakening demand for U.S. goods and services.
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