Bitcoin, the largest cryptocurrency by market capitalization, fell 0.14% to $21,794 in the 24 hours to 4:30 p.m. in Hong Kong, losing 4.72% for the week. Ethereum lost 1.27% to $1,514 for a weekly loss of 7.25%, according to CoinMarketCap.
Dogecoin was the only cryptocurrency without a stable coin among the top 10, rising 1.25% to $0.0829 in 24 hours after falling 10.5% in the last seven days.
Polygon suffered the biggest loss among the top 10 on Monday afternoon, falling 4.57% to $1.20.
XRP fell 2.25% to $0.3733 after losing 6.45% in the last seven days. U.S.-based Ripple Labs, whose payment network runs on XRP, has been in its own legal battle with the SEC since December 2020 for allegedly selling $1.3 billion worth of unregistered securities. Ripple Labs expects a ruling in the first half of this year.
“The SEC’s impact on the Kraken exchange is negative for the industry, it has once again (so far) excluded cryptocurrency users in the U.S. from participating in innovation,” Marcus Thielen, head of research at Matrixport, said in a Feb. 10 report published by Forkast. “The winners are likely to be betting providers in Asia, which is why we remain optimistic about the service.“
Asian stock markets were mixed Monday as traders await key U.S. inflation data on Tuesday. Economists expect the U.S. consumer price index to come in at an annualized rate of 6.2 percent in January.
Although U.S. inflation has been steadily declining in recent months, the Federal Reserve is expected to continue raising interest rates to bring inflation down to its 2% target. U.S. interest rates are at a 15-year high of 4.5 percent to 4.75 percent, and central bank officials have suggested they could rise to 5 percent.
Hong Kong’s Hang Seng Index was down 0.12% at Monday’s close, while Japan’s Nikkei 225 was down 0.88%.
