Bitcoin and Ether prices rose in Wednesday evening trading in Hong Kong amid widespread gains among the top 10 cryptocurrencies by market capitalization, with Cardano being the sole loser. In equity markets, Hong Kong’s Hang Seng Index rebounded from Monday’s record lows to jump 5.81%.
- Bitcoin rose 1.57% in the past 24 hours to US$20,249.89 in Hong Kong, while Ether gained 0.40% to trade at US$1,353.77, according to data from CoinMarketCap.
- Dogecoin rose further, gaining 7.37% to change hands at US$0.0652 amid recent news that Tesla CEO Elon Musk will proceed with his US$44 billion purchase of social media platform Twitter. Musk has been an avid supporter of the memecoin, having hinted in recent months that he hopes to further integrate Dogecoin onto the platform.
- XRP rose 4.63% to US$0.484, while Solana was up 1.30% to US$34.16 and Cardano, the sole loser of the day, fell 0.07% to US$0.4327.
- Asia equity markets rose following Wall Street’s gains overnight. The Hong Kong Hang Seng Index surged 5.81% following Tuesday’s holiday, with the Hang Seng Tech Index soaring 7.40%. The Nikkei 225 gained 0.48%, while the Shanghai Composite Index remains closed for the Golden Week holiday.
- The U.S. stock market has “only just begun to price in a recession,” say Citigroup quant strategists. This follows a deflation in market confidence by numerous other major banking institutions, including HSBC, which cut its year-end price target for the S&P 500 to 3,500 from 4,450 on Tuesday, arguing that higher borrowing costs will begin to weigh down on U.S. equities. Credit Suisse, Goldman Sachs and Bank of America have similarly slashed their year-end goals for the S&P 500, believing stocks aren’t representative of challenges the U.S. economy is undergoing.
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