Bitcoin and Ether rose in Monday morning trading in Asia, rising with the rest of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Cardano and BNB changing the most. Many cryptocurrencies have been gaining over the past several days after the latest U.S. jobs data released last Friday sparked a Wall Street rally.
See related article: Crypto exchange Huobi latest firm to slash staff: Reuters
Bitcoin was up 1% to US$17,117 in the 24 hours to 8 a.m. in Hong Kong, breaking the US$17,000 level for the first time since late December in a 2.9% increase over the week. Ether gained 1.9% to US$1,287, a 7.3% weekly rise, according to CoinMarketCap.
Cardano rose 7.3% to change hands at US$0.29, a rise of 18.8% in the past week. This price run comes as ADA, the native cryptocurrency of the Cardano blockchain, made it to the top 10 most used cryptocurrencies for payments for the first time, according to Lithuanian cryptocurrency exchange CoinGate.
BNB gained 5.3% to US$274.77 rising 12.5% over the past seven days. Polygon’s MATIC rose 4.1% to trade at US$0.84, bringing its weekly gains to 10.5%.
The total crypto market capitalization was at US$830.4 billion, a 0.8% increase over the previous 24 hours, while the total trading volume was US$20.4 billion, a 14.7% rise during that same time.
The Dow Jones Industrial Average gained 2.1%, the S&P 500 Index rose 2.3%, and the Nasdaq Composite Index closed 2.6% higher. These gains represent the best day of trading for the Dow and S&P 500 since Nov. 30 and the Nasdaq’s best performance since Dec. 29.
While U.S. Labor Department data released Friday showed that non-farm payrolls rose by 223,000 jobs in December, which was higher than expectations, it also showed that wages grew by only 0.3% for the month instead of the 0.4% predicted.
U.S. services activity also contracted for the first time in 2.5 years according to the Institute for Supply Management, which said on Friday that its Purchasing Manager Index fell to 49.6 in December, down from November’s 56.5. A reading of below 50 in this index reflects a contraction in the sector.
Investors are watching for any signs that the U.S. Federal Reserve’s months-long campaign of raising interest rates has had the intended impact of tamping down elevated inflation in the country. The Fed raised rates by 50 basis points in December, bringing benchmark rates to between 4.25% and 4.5% — the highest in 15 years.
The next U.S. Consumer Price Index data, a key inflation indicator, is scheduled to be released on Thursday, Jan. 12.
See related article: Lido DAO surges 35% over the last week, BitDAO gains 22%: Why?
Related Quotes
Bitcoin, Ethereum extended gains in afternoon trade in Asia on Monday along with the top 10 non-stablecoin cryptocurrencies by market capitalization. Cardano rose the most in the last 24 hours, followed by Polygon, BNB and Dogecoin.
Fundstrat Global Advisors Managing Director Mark Newton joins Yahoo Finance Live to discuss Tesla stock, investor sentiment, Elon Musk, and the outlook for Tesla.
Yahoo Finance Live anchors report that Novavax will replace Stanley Erck with John Jacobs as the new president and CEO of the biotechnology company.
Tilray Brands, Inc. (TLRY) delivered earnings and revenue surprises of -20% and 8.94%, respectively, for the quarter ended November 2022. Do the numbers hold clues to what lies ahead for the stock?
What happened Shares of Novocure (NASDAQ: NVCR) are sinking today, down by 15.4% as of 10:44 a.m. ET. The decline came after the company announced its preliminary full-year and fourth-quarter 2022 net revenue numbers.
Two Buffett stocks stand out as clear-cut buys in the new year, while another top holding has lost much of its luster.
Bill Gates looks for income, too. This is how he gets it.
These top-notch income stocks, with yields ranging from 7.7% to 13.6%, can seriously pad your wallet.
Crypto bank Silvergate Capital (NYSE: SI) followed up a recent short squeeze with a preliminary update on its fourth-quarter earnings results that sent the stock in the exact opposite direction, plunging to near all-time lows. Silvergate announced significant deposit outflows in the quarter, big charges from selling bonds, and that it plans to lay off 40% of its workforce. With the crypto market currently experiencing an intense crypto winter and the bank's outlook bleak, is this the end for Silvergate?
Shares of Medical Properties Trust (NYSE: MPW) tumbled another 15.1% in December, according to data provided by S&P Global Market Intelligence. The main factors that continue weighing on shares are concerns about the impact of rising interest rates and the health of one of the healthcare REIT's largest tenants. Analysts continued to lower their outlook on Medical Properties Trust last month.
The medical equipment makers saw their share prices decline in 2022. Which one is more likely to stage a comeback in 2023?
Yahoo Finance Live anchors discuss the decline in stock for Lululemon ahead of fourth-quarter earnings.
Tech stocks have become more attractive to investors in the bear market as mature tech companies with solid dividends have become available at lower prices.
Tesla (NASDAQ: TSLA) is a lot of things. Buffett could probably find quite a bit to like about Tesla. CEO Elon Musk thinks that the company can grow its vehicle deliveries by an average of 50% annually "as far into the future as we can see."
Elon Musk is used to facing critics, haters and detractors. He even likes these battles very much. Sometimes he even tends to provoke his supposed enemies. The Techno King, as he's known at Tesla , likes to turn his opponents' attacks into counterattacks.
Riot Platforms, Inc. ( NASDAQ:RIOT ) is possibly approaching a major achievement in its business, so we would like to…
Economic uncertainty sent the Nasdaq Composite tumbling into a bear market last year, and the tech-heavy index is still down 30% from its high. Unfortunately, there is no telling when the stock market will rebound — but it has always rebounded in the past, and there is no reason to think this time will be different. In the meantime, must-own stocks like The Trade Desk (NASDAQ: TTD) and Zscaler (NASDAQ: ZS) are trading at bargain prices.
In today's video, Jose Najarro and Nick Rossolillo discuss Nvidia (NASDAQ: NVDA), Advanced Micro Devices (NASDAQ: AMD), and Invesco PHLX Semiconductor ETF (NASDAQ: SOXQ). Jose has an interesting approach to getting exposure in chip stocks, but does Nick agree? Check out the short video to learn more, consider subscribing, and click the special offer link below.
Amazon (NASDAQ: AMZN) became a trillion-dollar company in September 2018, and its market cap hit a peak of $1.9 trillion in July 2021. Let's see why Amazon lost its luster, where it might be headed throughout 2023, and if it can rejoin the 12-zero club by the beginning of 2024. Why did the bulls abandon Amazon?
As fears of high inflation and the threat of recession become the talk of the town, investors are turning to Wall Street experts for guidance, namely Julian Emanuel, Evercore ISI Chief Equity & Quantitative Strategist. Emanuel sees clues for an impending downturn, pointing out that the last market trough, this past fall, came before overall economic indicators turned south. In his words, “[No] bear market has ever bottomed before the recession started. So from that perspective, we don't think Oc
Author
Administraroot
