Bitcoin and Ether continue their ascent as U.S. equities recover.
Bitcoin and Ether showed continued strong price gains, with most of the top 10 non-stablecoin cryptocurrencies logging advances for the past seven days. Solana and Dogecoin led the Wednesday winners. These gains were accompanied by a rebound in US equities on Tuesday as concerns about bank failures receded, and February inflation data was released, which was in line with expectations. Bitcoin rose 2.10% in the past 24 hours for a weekly gain of 11.39%, while Ether gained 1.90% rising 8.86% in the past seven days. Solana led the gainers in the top 10, adding 2.75% for a rise of 3.12% for the week. Dogecoin rose 2.74% to US$0.07478 while XRP edged 0.54% higher to trade at US$0.3735 but was the only top 10 non-stablecoin cryptocurrency with a weekly loss, down 2.20%. Brad Garlinghouse, the CEO of Ripple Labs whose payment network is powered by XRP, tweeted on Monday that Ripple had some exposure to the failed Silicon Valley Bank. Crypto exchange Binance’s BNB rose 0.51% to US$309.51, posting a weekly gain of 6.88%. The total crypto market capitalization rose 1.30% in the past 24 hours to US$1.09tn. Efforts by US regulators and President Joe Biden to calm markets seemed to have the desired effect after the collapses of US banks at the weekend. Investors in US equities and cryptocurrencies also gained some reassurance from the US Labor Department’s February inflation report, which showed the Consumer Price Index (CPI) rose 0.6% by month and 6% on year, all in line with expectations. Though still above the Federal Reserve’s goal to keep annual inflation below 2%, it suggests inflation in the US is moderating and may convince the Fed to ease back on interest rate hikes.
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