Bitcoin News

Ether and Bitcoin are up on positive inflation statistics

Following reports of alleged Russian missile strikes on Poland, Bitcoin and Ether increased on Wednesday morning in Asia along with the majority of the top 10 cryptocurrencies by market capitalization, excluding stablecoins. Support came from inflationary data from the United States.

Bitcoin increased 1.6% to US$16,886 in the previous day. whereas Ether increased 0.8% to US$1,252, according to CoinMarketCap.

In response to U.S.-based cryptocurrency exchange Coinbase submitting an amicus brief on Monday in support of Ripple Labs Inc., the business that uses XRP to power its payment system, in its legal dispute with the U.S., XRP increased 3.2% to US$0.38, continuing a positive price trend over the previous few days. Commission for Securities and Exchange.

The price of Solana, which was particularly heavily impacted by Alameda selling off substantial amounts of its reserves in the token to try to stabilize the price of the sinking FTT, the native token of sibling company, fell by 2.1% to $14.30 while Polygon increased 2.6% to $0.94.

Cronos, the native token of sister exchange, increased 5.8% to US$0.073, but this is still only a modest recovery for the token, which has lost nearly 30% of its value for the week since news broke that had accidentally sent about US$400 million worth of Ether to the wrong wallet address while attempting to move it to cold storage.

This raised worries about a scenario similar to FTT, where its sharp price decline greatly increased the financial pressures on FTX and ultimately led to its Friday bankruptcy.

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