Bitcoin, ether up as cryptocurrencies rise

Most other cryptocurrencies were also up on Monday, with Cardano’s ADA token leading the gainers with an gain of 3.01 per cent to $0.3169

Bitcoin increased on Monday morning to recuperate the $30,000 support level, but later pulled back. Ether rose to almost $1,900, while other cryptocurrencies gained. Cardano’s ADA token led the advancers. In other markets, non-fungible tokens traded flat, while U.S. equity futures did the same. The week ahead brings more earnings data in the U.S. for investors to get a picture of the state of the economy, while the Fed has a two-day meeting where it is expected to hike interest rates.

Bitcoin added 1.33 per cent over the 24 hours to $30,059, as per data from CoinMarketCap. Ether added 1.73 per cent to $1,887.

However, both cryptos have yet to make up losses for the past seven days, with Bitcoin 0.37 per cent lower for the week, while Ether has experienced a weekly loss of 1.73 per cent. Bitcoin pulled back later in the morning.

Trading in Bitcoin and Ether will stay rangebound until the Fed decision on rates on July 27, according to Mark Wong, senior trader at Hong Kong-based digital asset platform Hashkey Group. A rate hike is all but priced in with an implied probability of 99.8 per cent from the futures market, he added.

Majority of other cryptocurrencies were also up on Monday, with Cardano’s ADA token leading the advancers with an increase of 3.01 per cent to $0.3169 and up 0.59 per cent 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 approaching its mainnet launch to enhance the node syncing and security of the Cardano network.

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

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