Canada News on Crypto: Polygon and XRP are the largest losses; Bitcoin and Ether gain

Canada News on Crypto: The majority of the top 10 non-stablecoin cryptocurrencies by market capitalization, including Bitcoin and Ethereum, increased in value during Monday afternoon trade in Asia. Markets: Polygon and XRP are the largest losses; Bitcoin and Ether gain After the collapse on Wall Street last Friday, Asian markets fell on Monday as investors braced for further interest rate increases in the U.S. due to the country’s continuously high inflation.

Weekly Market Wrap: After Wall Street’s worst day of 2023 thus far, Bitcoin remains at a level of US$24,000.

Quick facts
In the 24 hours leading up to 4 p.m. on Monday in Hong Kong, Bitcoin, Canada News on Crypto the largest cryptocurrency by market capitalization, increased 1.18% to US$23,441 while down 4.4% for the week. The biggest gainer among the top 10 cryptocurrencies was Ethereum, up 2.28% to US$1,637, although it also fell 3.54%.

Matic from Polygon decreased 0.74% in the previous day to US$1.26 and has down 15.74% over the last seven days. XRP saw a weekly loss of 3.9% before dropping by 0.71% to US$0.3754.

The entire cryptocurrency market volume increased by 0.57% to US$36.09 billion, while the market value of all cryptocurrencies increased by 1.05% to US$1.07 trillion.

Polygon and XRP are the largest losses; Bitcoin and Ether gain
Polygon and XRP are the largest losses; Bitcoin and Ether gain

After the announcement last Friday of the U.S. personal consumption expenditures January price index, which increased 4.7% on the year, Asian share markets finished down on Monday.

Shanghai Composite fell 0.28% and the Shenzhen Component Index fell 0.73%.

The Nikkei 225 in Japan was down 0.11%, while the Kospi in South Korea finished the day down 0.87%.

After Hong Kong’s announcement that exports fell 36.7% in January compared to the same month last year, the Hang Seng Index fell by 0.33 percent.

At its upcoming meeting on March 21 and 22, the U.S. Federal Reserve is anticipated to raise interest rates even more in order to combat inflation. The greatest economy in the world is currently seeing interest rates that are 4.5% to 4.75%, the highest level since October 2007. The central bank has suggested interest rates might reach as high as 5% to manage inflation.

The battle against inflation “is not a straight line,” according to U.S. Treasury Secretary Janet Yellen, and more effort is required.

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