Bitcoin, Ether rise in slow trade, Solana wins on Web3 gaming partnership

Bitcoin soared above $17,000 in Wednesday morning trading, a level it has hovered around for much of the past week. Ether also tracked higher along with most other top 10 non-stablecoin cryptocurrencies in slow trading. Solana was the only symbol that gained more than 1%.

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Fast facts

• Bitcoin rose 0.7% to $17,092 in the 24 hours to
• All other top ten tokens traded within a 1% range, except for Solana which rose 3.3% to change hands at $14.29. Leading memecoin Dogecoin fell 1.2% to $0.10.
• Solana wins followed the announcement of a partnership between Solana non-fungible token (NFT) project Degenerate Apes and Web3 game Degen Royale.
• Total crypto market capitalization rose 0.4% to $857 billion, while trading volume fell 10.1% to $36.2 billion.
• U.S. stocks ended lower on Tuesday after Wall Street leaders said a recession could be on the cards next year as inflation remains stubbornly high despite the U.S. Federal Reserve’s successive hikes in interest rates this year.
• The Dow Jones fell 1%, the Nasdaq Composite Index fell 2%, and the S&P 500 ended the day 1.4% lower for a 4-day losing streak.
• “Rates are now headed to 5%,” JPMorgan Chase CEO Jamie Dimon said in an interview with CNBC on Tuesday. “Looking ahead, these things could very well derail the economy and cause this mild to severe recession that people are talking about.”
• In the same interview, Dimon slammed cryptocurrencies, calling them “pet rocks.”
• Goldman Sachs Group Inc. CEO David Solomon also predicted a recession in the coming months, citing high interest rates and inflation in remarks at the Wall Street Journal’s CEO Council Summit in Washington, DC
• The Fed has been raising interest rates since March to try to curb inflation, raising from near zero to a 15-year high of 3.75% to 4%, and has signaled that rates could end up exceeding 5%. The Fed has said it wants inflation at a target of 2 percent. The consumer price index showed that inflation was 7.7% in October, down from 8.2% in September.
• Trade data released on Tuesday showed the US trade deficit widened 5.4% in October to a four-month high of $78.2 billion, in a sign of weakened demand for US goods and services.

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