Bitcoin, Ether flat; XRP jumps; US equity futures mixed – Crypto News – Crypto News
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Bitcoin, Ether flat; XRP jumps; US equity futures mixed – Crypto News

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Bitcoin traded flat on Wednesday morning in Asia, after briefly breaching the US$28,000 level on Tuesday night. Ether dipped below the US$1,900 mark, while other top 10 non-stablecoin cryptocurrencies traded mixed. XRP led the winners following crypto-related legal developments involving the US Securities and Exchange Commission (SEC). Stock futures in the US traded mixed, as investors wait to see if the US debt ceiling deal passes through Congress. The deal faces opposition from some House Republicans. Meanwhile, concerns over further US interest rate hikes and debt issuance continue to limit investor appetite for risk assets.

Bitcoin, Ether flat; XRP surges

Bitcoin dipped 0.35% over the last 24 hours to US$27,666 at 10:00 am in Hong Kong, but was trading 1.92% higher for the week, according to date from CoinMarketCap. The world’s most dominant cryptocurrency reached a high of US$28,044 on Tuesday evening in Asia. However, it soon fell back below the US$28,000 resistance level.

Digital asset investment products saw outflows totaling US$39m in the week ending May 26, according to a Tuesday reports from European cryptocurrency investment firm CoinShares. Bitcoin-linked products accounted for almost a third of those outflows. The six-week run of outflows totals US$272 million — an indication that bearish sentiment continues to weigh heavily on the crypto market.

Ether inched down 0.13% to US$1,895, but gained 2.66% over the past seven days. The token has been trading around the US$1,900 resistance level since the start of the week.

Most other top 10 non-stablecoin cryptocurrencies traded flat to lower in the past 24 hours, with the exception of XRP, Solana and Litecoin.

XRP led the winners, jumping 6.15% in the past 24 hours to US$0.5209. That rise expanded its weekly gain to 12.75%.

Markus Thielen, Head of Crypto Research at digital asset service platform Matrixport, suggested in a note that the token’s surge could be linked to the announcement of a settlement reached Monday between the SEC and a former manager at cryptocurrency exchange Coinbase. The former Coinbase employee agreed to the SEC charges that he had engaged in insider trading.

That resolution could, Thielen suggests, benefit Ripple — the issuer of XRP — in its own legal dispute with the SEC, leading to gains for XRP.

Elsewhere, Dogecoin led the losers. The memecoin dropped 1.03% to US$0.07242, dipping 0.06% for the week.

The total market cap of cryptocurrencies edged up 0.32% in the past 24 hours to US$1.16 trillion, while the 24-hour market volume inched 2.02% higher to US$30.06 billion.

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