Bitcoin reclaims US$30,000, Ether gains, Cardano leads winners as top 10 crypto rise

Bitcoin rose in Monday morning trading in Asia to reclaim the US$30,000 support level. Ether moved higher to near US$1,900, while most other top 10 non-stablecoin cryptocurrencies also logged gains. Cardano’s ADA token led the winners. In other markets, NFTs traded flat, while U.S. equity futures did the same. Major stock indexes had a mixed performance last week and the week ahead brings more earnings and the Federal Reserve’s Wednesday meeting, where it’s expected to raise interest rates.

Crypto

Bitcoin rose 1.33% over the last 24 hours to US$30,059 as of 07:30 a.m. in Hong Kong, according to data from CoinMarketCap. Ether gained 1.73% to US$1,887.  

However, both tokens have yet to make up losses for the past seven days, with Bitcoin off 0.37% for the week, while Ether is sitting on a weekly loss of 1.73%. 

Most other top 10 non-stablecoin cryptocurrencies also traded higher Monday, with Cardano’s ADA token leading the winners with a gain of 3.01% to US$0.3169 and up 0.59% for the week. 

Input Output Global, one of the developers behind the Cardano blockchain, last week said Mithril – a Cardano stake-based signature scheme – was nearing its mainnet launch to improve the node syncing and security of the Cardano network.

On the regulatory front, a portion of the court’s recent verdict in the Ripple case was “wrongly decided,” said the U.S. Securities and Exchange Commission (SEC) on Friday in documents filed in its on-going lawsuit against Singapore-based Terraform Labs, hinting that the SEC would challenge the Ripple ruling.

The SEC in February charged Singapore-based Terraform Labs Pte and its co-founder Do Hyeong Kwon with orchestrating a multi-billion dollar crypto asset securities fraud involving an algorithmic stablecoin and other crypto asset securities.

The total crypto market capitalization rose 1.14% in the past 24 hours to US$1.20 trillion, while trading volume rose 13.56% to US$24.5 billion.