The U.S. Federal Reserve released meeting minutes on Wednesday, indicating that it is looking to slow the rate of interest rate increases as the threat of recession grows. As a result, Bitcoin and Ether were both trading higher during Thursday morning trading in Asia. With the exception of stablecoins, every other top 10 cryptocurrencies by market capitalization increased, with Solana and Litecoin recording the largest rises.
According to CoinMarketCap, in the 24 hours, Bitcoin increased 2.5% to US$16,611 while Ether increased 4.2% to trade at US$1,183.
Solana, which was once the fourth-ranked cryptocurrency by market cap, saw a 15.2% increase to US$14.34, reversing a few days of steady losses. This is because Alameda Research, a sister company of FTX, had large reserves of the token and was one of the most negatively impacted by the collapse of FTX. Since the beginning of the month, the token has dropped by 56%.
With gains of 12.1% to trade at US$7.98 and gains of 37.7% over the previous seven days, Litecoin kept on its price surge. Investors seeking security in an unstable environment may be to blame for Litecoin’s recent success.
The price of BNB, a native token of the cryptocurrency exchange Binance Global Inc.’s BSC, increased 12% to US$298.42, the highest it has been since shortly after FTX declared bankruptcy. Changpeng Zhao, the CEO of Binance, was instrumental in the demise of FTX. In early November, he announced Binance was selling its holdings in FTX’s native token, FTT, which sparked a token bank run.