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Bitcoin, Ether rise, Solana, Helium surge after merge announcement

Bitcoin and Ether rose in a mixed morning for the top 10 unstable cryptocurrencies by market capitalization. Solana posted the biggest gains while Polygon’s Matic led losses Tuesday morning in Asia.

See related article: Bitcoin Surpasses Visa’s Market Cap to Become World’s 11th Largest Asset

Fast facts

  • Bitcoin is up 2.1% in the past 24 hours to trade at US$24,833 as of 8 a.m. in Hong Kong, taking its gains to 13.9% in the past calendar week, according to CoinMarketCap. Ethereum gained 1.3% to US$1,703, up 13% in the past seven days.
  • Solana rose 5.5% in the past 24 hours and 26.1% for the week to US$26.22 after Helium Network, a blockchain project dedicated to improving connectivity in the internet of thingsannounced on Saturday its intention to merge with Solana at the end of March. Helium’s HNT token, the 95th largest cryptocurrency by market cap, rose 10% to US$3.19, a weekly gain of 31.3%.
  • Polygon’s Matic fell 0.4% to US$1.47, but was still trading up 24.4% US for the week.
  • XRP rose 3.1% to $0.39, taking its weekly gains to 7.4%, after Ripple Labs Inc., the developer of the XRP-powered payment network Ripple, tweeted it is recruiting new engineering positions on Monday. The company now has 75 open positions in total, according to its website.
  • The total crypto market cap rose 1.2% to US$1.13 trillion as of 8am Hong Kong. Total trading volume in the past 24 hours increased by 16.4% to $64.8 billion.
  • Many major U.S. retailers are expected to release holiday season earnings this week, starting with Walmart Inc. and Home Depot Inc. on Tuesday. Earnings reports are set to come amid growing fears of a U.S. recession as the Federal Reserve raised interest rates from near zero to 4.5% to 4.75% to calm the economy. ‘inflation.
  • The latest consumer price index data showed inflation rose to 6.4% in January from a year ago, from 6.5% in December and 7.1% in November . Analysts at CME Group predict about an 80% chance that the Fed will raise rates another 25 basis points next month.
  • U.S. stocks will resume trading on Tuesday after closing Monday for Presidents Day.

See related article: Hong Kong Begins Public Consultation on Crypto Licensing Regime

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