Bitcoin rises above US$27,000, Litecoin leads gains – Crypto News – Crypto News
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Bitcoin rises above US$27,000, Litecoin leads gains – Crypto News

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Bitcoin and Ether gained in Friday afternoon trade in Asia along with all other top 10 non-stablecoin cryptocurrencies, following successful negotiations on raising the US debt ceiling that injected some optimism into markets. Litecoin was the biggest gainer in 24 hours.

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Bitcoin gains, first digital issues new stablecoin

Bitcoin, the world’s largest cryptocurrency, rose 1.08% to US$27,076 in the 24 hours to 4 pm in Hong Kong, bringing its weekly gains to 2.08%, according to CoinMarketCap data.

Ether, the second largest cryptocurrency in the world, gained 1.78% to US$1,886 in 24 hours, after rising 3.85% in the last seven days.

Litecoin was the biggest gainer among top 10 cryptos, climbing 2.25% to US$94.48 in 24 hours, and strengthening 8.35% on the week. It rose on stronger buying support from its third halving event that is set for Aug. 2, which would reduce the supply of the token.

Litecoin’s on-chain activity increased in May, according to blockchain data tracker IntoTheBlock on Tuesday, which noted almost 8.5 million Litecoin addresses with a balance by the end of May, compared to 7.09 million addresses by the end of March.

The global crypto market capitalization strengthened by 1.21% to US$1.14 trillion, while the total crypto market volume lost 5.75% to US$29.94 billion in the last 24 hours.

Hong Kong-based consultancy First Digital has introduced a new stablecoin pegged to the US dollar, First Digital USD (FDUSD), it said in a statement on June 1, the same day that Hong Kong’s new licensing regime for virtual asset service providers took effects.

Issued by FD121 Limited, a subsidiary of the trust company and under the brand name First Digital Labs, the stablecoin is intended to be backed on a 1:1 basis by one US dollar or asset of equivalent fair value, held in accounts of regulated financial institutions in Asia, the statement said.

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