After breaking beyond US$20,000 the day before in a larger market rise, bitcoin traded back in the US$19,000 range. While the top 10 by market capitalization of Solana, Cardano, and XRP gained momentum, Ether barely changed.
According to data from CoinMarketCap, Bitcoin dropped 0.6% in the last day to trade at US$19,105 while Ether dropped 0.4% to US$1,329 per unit. XRP, which had earlier this week reached a four-month high of US$0.55, was the top loser in CoinMarketCap’s top 10, dropping 4% to US$0.44.
The news that a summary judgment might be granted in the legal dispute between the U.S. Securities and Exchange Commission and XRP issuer Ripple Labs Inc., which would end the case without a trial, caused XRP prices to spike. Cardano coin lost 1.1% to US$0.44 while Solana sank 3.3% to US$32.72.
Just outside the top 10 list, UNI, the native token of the Uniswap decentralized exchange (DEX), increased 8.1% to US$6.39. The gains come after news last week that the Uniswap Foundation, the group behind the DEX, had granted projects working on the network US$1.4 million, with the largest donation being to Uniswap Diamond, which will enhance Uniswap features.
On Tuesday, U.S. stocks had a mixed day. The S&P 500 Index saw its worst losing run since February 2020 when it finished down 0.2%. After losing 20% from its most recent peak, the Dow Jones Industrial Average dropped 0.4%, continuing its descent into the bear market that was formally declared on Tuesday. The Nasdaq Composite Index gained 0.3% for the day.
As central banks strive to contain global inflation, which is at a four-decade high in the United States, investors continue to be under the shadow of a widespread rise in interest rates. Rate increases of up to 75 basis points are anticipated from the U.S. Federal Reserve through the end of the year.
