Bitcoin rose slightly in Monday morning trading in Asia, but the world’s largest cryptocurrency was trading below the key resistance line of US$20,000 after falling below that mark on Saturday. Ether edged up, along with Cardano and Solana, while most other tokens in the top 10 by market capitalization were little changed.
See related article: Bitcoin gains as US unemployment rate rises to 3.7%, indicates inflation slowing
Fast facts
- Bitcoin rose 0.8% in the past 24 hours to US$19,986 at 8 a.m. in Hong Kong while Ether added 1.3% to US$1,577, according to data from CoinMarketCap.
- Cardano gained 4.8% to change hands at US$0.50 following the Cardano Hackathon at the National Technological University in Buenos Aires, Argentina, on Sept. 3 and 4. The event allowed programmers to collaborate on software development.
- Solana rose 3.2% to US$32.11 after announcing the network would be adding support for Move — a programming language for writing smart contracts originally developed by Facebook to power the Diem blockchain.
- BNB added 0.4% to US$278.84, XRP rose 0.6% to US$0.33, while Dogecoin performed slightly better to gain 0.9% to US$0.063.
- On the macro front, the U.S. unemployment rate rose to 3.7% in August from 3.5% in July, according to a government report released on Friday. While this indicates a slowing U.S. economy and possibly an easing in the pace of inflation, the unemployment rate remains close to a five-decade low.
- Investors in U.S. equities didn’t see the report as changing the stance of the Federal Reserve toward raising interest rates to fight inflation, which drove down the Dow Jones Industrial Average and the S&P 500 Index 1.1% on Friday. The Nasdaq Composite Index lost 1.3%.
See related article: Fed’s inflation fight batters crypto market as pressure mounts
