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Crypto market wrap: Sector treads water amid choppy trading


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Photo of coin
Huobi spiked 18% on Friday, but the overall crypto market treaded water. - Photo: Shutterstock

The cryptocurrency market treaded water on Friday amid choppy trading.

Bitcoin (BTC) and ether (ETH), the main coin of the Ethereum blockchain, generated buzz by exceeding $24,000 and $1,900, respectively as conventional markets closed in North America. (All figures based on CoinMarketCap data.) However, on average, digital coin prices remained flat.

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HT to USD

Huobi spikes

The Huobi exchange’s token (HT) spiked 18% after Bloomberg reported that the company’s founder, Chinese billionaire Leon Li, wants to sell a majority stake for more as much as $3bn (£2.47). Citing people familiar with the matter, Bloomberg reported that Li has held talks with a variety of potential purchasers, including TRON founder Justin Sun and crypto-billionaire Sam Bankman-Fried’s FTX.

Most other gains were modest Friday. But several coins enjoyed large weekly increases.

The beleaguered Celsius Network’s coin (CEL) was up 98% from a week earlier. Meanwhile, avalanche (AVAX), solana (SOL), XDC, and chainlink (LINK) increased about 20%.

BTC coin and ether were up 18% and 15%, respectively, from the previous week.

CEL to USD

 

XRP/USD

0.49 Price
+1.860% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00600

BTC/USD

19,484.70 Price
-0.280% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 60.00

ETH/USD

1,336.19 Price
-0.360% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 5.00

BTS/BTC

0.00 Price
0.000% 1D Chg, %
Long position overnight fee -0.0500%
Short position overnight fee 0.0140%
Overnight fee time 21:00 (UTC)
Spread 0.00000002

Calm end

Friday’s modest performance marked a calm end to a challenging – but not overly burdensome – seven-day stretch. The sector dealt with the Nomad bridge hack, which resulted in the loss of $190m – some of which was later recovered.

Meanwhile, crypto mixer Tornado Cash was sanctioned by the US government, which alleged that the company allowed North Korean state-backed hackers and others to launder stolen funds. Decentralized finance (DeFi) exchange operator Curve (CRVwas also hacked, albeit on a much smaller scale than Nomad.

And, Singapore-based crypto lender Hodlnaut froze withdrawals, swaps and deposits due to the harsh crypto winter. But, overall, the sector showed resilience – unlike in July and June, when the financial troubles of Celsius, Voyager Digital and Three Arrows Capital, macroeconomic turbulence and other factors sparked a market meltdown.

LINK to USD

Coinbase stock soars

Coinbase’s closely watched stock (COIN) concluded a volatile week by jumping 7% on Friday. The token rode a roller coaster as the crypto exchange operator generated a considerable amount of news 

Coinbase confirmed it is being investigated by the US Securities and Exchange Commission, and the company delivered sub-par financial results and signed a partnership with global asset manager BlackRock (BLK).

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