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
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 (CRV) was 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.
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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