Bitcoin surged and remained above $19,000 in early Friday morning trade in Asia after hovering around this resistance level all week. Ether fell while XRP led the top 10 cryptocurrencies by market cap.
Bitcoin is up 0.7% in the past 24 hours and was trading at $19,564 at 8am Hong Kong, while Ether fell 0.1% to $1,335, according to data from CoinMarketCap.
XRP rose 7.4% to $0.48 after a U.S. District Court judge overturned attempts by the Securities and Exchange Commission to withhold documents in a court case against Ripple Labs Inc., whose payment network is powered by XRP. The papers were written by former division director William Hinman and focused primarily on his speech in which he argued that Bitcoin and Ether were not securities.
Solana was the only other token to post a percentage gain, climbing 2.2% to $33.97. Dogecoin added 0.2% to $0.06 while BNB rose 0.7% to $283.
US stocks suffered on Thursday. The Dow Jones Industrial Average fell 1.5%, the Nasdaq Composite fell 2.8% and the S&P 500 ended the day down 2.1% to hit a new yearly low.
The massive sell-off was led by tech giant Apple Inc., which closed down 4.9% after Bank of America downgraded the stock from Buy to Neutral as it sees weak consumer demand hurting the company’s bottom line. . Apple shares have fallen 20% this year.
Markets were also rocked by news that the US has technically entered a recession by one definition of the term, as the economy contracted 0.6% in the second quarter of this year after a similar contraction in the first quarter, according to the Bureau’s latest gross domestic product estimate. economic analysis released on Thursday. US Federal Reserve Chairman Jerome Powell said the central bank will keep raising interest rates until the 2% inflation target is reached, even if it risks pushing the economy into recession.