Bitcoin, Ether continue slide; US stocks gain on consumer confidence

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Bitcoin and Ether fell Thursday morning in exchanges in Asia, along with all other non-stable cryptocurrencies. Polkadot led the losses with a drop of more than 2%, followed closely by Cardano and BNB.

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Fast facts

Bitcoin lost 0.5% to US$16,824 in the 24 hours as of 8 a.m. in Hong Kong, while Ether fell 0.3% to trade at US$1,213, according to data from CoinMarketCap. Bitcoin has lost nearly 5% in the past seven days, while Ether’s drop is closer to 6%.

Polkadot fell 2.8% to US$4.48, while Cardano lost 2.2% to trade at US$0.25.

BNB fell 2.2% to change hands at US$246.16. The token is still plagued by concerns over the reserves of the Binance exchange, its issuer, as customers withdrew billions of dollars from the platform last week. The exchange is also facing a possible US legal investigation.

Global crypto market capitalization rose 0.7% to $808.1 billion in the past 24 hours, while total trading volume fell 30.5% to $26.45 billion. dollars.

US stocks ended the day higher on Wednesday. The Dow Jones Industrial Average gained 1.6% while the S&P 500 Index and the Nasdaq Composite Index both ended up 1.5%.

The U.S. consumer confidence index hit an eight-month high of 108.3 in December, according to data released Wednesday by business think tank The Conference Board. That reading beat the 101.4 recorded in November and the 101 expected by economists at business data analytics firm Refinitiv.

Risky assets such as crypto and stocks have been dragged lower this year as the US Federal Reserve has raised interest rates to fight inflation, which has hit near forty-year highs. The Fed raised the expected 50 basis points last week, taking rates to between 4.25% and 4.5%, the highest level in 15 years. He also warned of further increases to come.

The latest US consumer price index showed inflation was up 7.1% in November from a year ago, down from 7.7% in October and 8.2% in september.

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