Crypto news: DOGE and SHIB rally
Subscribe to Weekly HighlightsThe major market events for the week ahead right in your inbox. Subscribe
On Wednesday, bitcoin – which is seen as a hedge against inflation – reacted positively to the US Consumer Price Index report, which showed that inflation rose to 7% in December, the highest in some 50 years.
The majority of altcoins followed suit, with the overall market gaining 2.98% over the last 24 hours.
But the two canine-themed cryptos saw the biggest daily gains among the top 50 cryptocurrencies, with DOGE adding 12.81% and SHIB going up by 11.79%.
What is your sentiment on DOGE/USD?
Other crypto news
A group of US banks created a partnership to develop a bank-minted stablecoin. The consortium said its stablecoin is being minted to remove friction from the financial system and open up new financial opportunities using blockchain and distributed ledger technology.
Hedge fund Citadel Securities took $1.15bn (£845m) in funding from private equity firms Sequoia and Paradigm to boost operations into cryptocurrencies. “In Sequoia and Paradigm, we have partners that appreciate how the strength of our market expertise, advanced predictive analytics and superlative software engineering can redefine an industry,” said Citadel chair Ken Griffin.
Quote of the day
Alkesh Shah, Bank of America global crypto and digital asset strategist, wrote in a research note:
Top coins by market capitalisation
As of 11:05 UTC:
- Bitcoin (BTC) was up 2.55% and trading at $43,931.87.
- Ether (ETH) climbed 3.50% to $3,367.13.
- Binance coin (BNB) added 4.17% to $483.63.
Winners and losers
- Near protocol (NEAR) recorded its all-time high of $18.31.
- Metaverse tokens axie infinity (AXS) and sandbox (SAND) lost 25.65% and 18.86% respectively over the last seven days of trading.