Markets: Cryptocurrencies up amid Cardano’s Vasil hard fork, XRP leads gains
Dylan Butts (via Forkast)
Bitcoin bounced back above US$19,000 in Friday morning trading in Asia as Cardano announced a successful hard fork to their upgraded Vasil network. XRP led gains among the top 10 cryptocurrencies by market capitalization.
Bitcoin was up 4.2% in the past 24 hours to trade at US$19,307 at 10:30 a.m. in Hong Kong, according to CoinMarketCap. Ethereum gained 5.6% to trade at US$1,327, narrowing the decline over the past seven days to 9.6%.
Cardano’s token ADA was up after Input Output Hong Kong announced successfully hard forking the Cardano blockchain as part of the Vasil upgrade early this morning, a move that is expected to improve scalability and efficiency. ADA rallied 4.2% at US$0.46.
XRP led gains amongst all cryptocurrencies, rising over 20% to trade at US$0.49, following the grant of another motion that set Dec. 9 as a deadline for third-parties to submit motions to seal evidence in the case.
XRP’s recent gains have helped it overtake Binance’s USD stablecoin as the sixth largest token by market capitalization. BNB was trading up 3.5%.
Gains in cryptocurrency markets differed from declines in major US equity indexes a day after the U.S. Fed’s rate announcement on Thursday morning in Hong Kong time, with the agency signaling more aggressive monetary tightening into 2023.
Overnight, the Dow Jones Industrial Average closed down 0.4%, the S&P 500 Index ended 0.8% lower, and the Nasdaq Composite Index lost 1.4%.