Bitcoin News

Bitcoin remains above the US$19,000 level, while the top 10 cryptocurrencies decline

Despite massive losses among the top 10 cryptocurrencies by market capitalization, excluding stablecoins, Bitcoin managed to maintain a price level above the US$19,000 support line. Leading the way were Cardano’s ADA.

According to data from CoinMarketCap, Bitcoin was trading at US$19,045.18, while Ether dropped 0.48% to US$1,286.01, the second-least significant loss among the top 10 cryptocurrencies after Tron’s 0.07% decline to US$0.062.

Out of the top 10 cryptocurrencies, ADA was the largest loser, falling 4.47% to trade at US$0.338, while Solana plummeted 4.36% to US$27.98. Amidst rumors that Elon Musk, a longtime supporter of the memecoin, may be subject to national security inspections over his purchase of Twitter, which he hinted a potential Dogecoin inclusion in multiple instances, Dogecoin dropped 1.78% to US$0.059.

Even as Ripple Labs Inc.’s general counsel announced Friday that the U.S. Securities and Exchange Commission had provided them with critical emails from former SEC Corporation Finance Division director Willam Hinman, in which he claims that Ether is not a security, XRP fell 3.87% to US$0.4441.

Following the overnight decline on Wall Street, Asian equity markets were mixed. Tokyo’s Nikkei 225 fell by 0.43%, the Hong Kong Hang Seng Index fell by 0.42%, and the Shanghai Composite Index ended up 0.13% higher.

The reaction of European markets to the resignation of UK Prime Minister Liz Truss on Thursday afternoon has been extremely mixed. 

The FTSE100 fell in the hour after Truss’ resignation speech, then rose to close 0.05% down before falling sharply by 10 a.m. Friday in London, dropping 0.79%. At the same time on Friday, the Stoxx600 index for all of Europe fell 1.09%. With net government borrowing for September rising to £19.25 billion (US$21.4 billion), £3.85 billion more than anticipated, according to data released today, Britain’s dire economic condition appears to be getting worse.

Over the period, retail sales decreased 1.4%, which was worse than the 0.3% anticipated.

On Friday, inflation readings rose further as Japan reported an increase in core consumer prices of 3% for the year ending in September. Much higher than the predicted 2%, Malaysia’s inflation for the same time period was reported at 4.5 percent and Hong Kong’s at 4.4 percent.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.