Bitcoin broke above US$17,000 in trading on Wednesday morning, a level at which it has fluctuated for much of the past week. Ether also recorded a higher level along with most of the other top 10 non-stable cryptocurrencies in slow trading. Solana was the only token that gained more than 1%.

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Fast facts

• Bitcoin rose 0.7% to $17,092 in the 24 hours to 8 a.m. Hong Kong, while Ether gained 1% to trade at $1,271, according to CoinMarketCap.

• All other major tokens were trading within a 1% range, except for Solana, which was up 3.3% to change hands at $14.29. Leading memecoin Dogecoin fell 1.2% to $0.10.

• Solana wins followed the ad of a partnership between Solana’s non-fungible token (NFT) project Degenerate Apes and the Web3 game Degen Royale.

• Total crypto market capitalization rose 0.4% to $857 billion, while trading volume fell 10.1% to $36.2 billion.

• US stocks closed lower on Tuesday after Wall Street executives said there could be a recession next year as inflation remains stubbornly high despite successive rate hikes. interest from the US Federal Reserve this year.

• The Dow Jones fell 1%, the Nasdaq Composite Index fell 2% and the S&P 500 Index closed the day down 1.4% during a 4-day losing streak.

• “Rates are now on their way to 5%,” JPMorgan Chase CEO Jamie Dimon said in an interview with CNBC on Tuesday. “When you look to the future, those things could very well derail the economy and cause this mild-to-hard recession that people are talking about.”

• In the same interview, Dimon criticized 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 comments at the Wall Street Journal CEO Council Summit in Washington, DC.

• The Fed has raised interest rates since March to try to curb inflation, from near zero to a 15-year high of 3.75% to 4%, and has signaled that rates may end up exceeding 5%. The Fed has said it wants inflation in a 2% target range. The consumer price index showed inflation at 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 $78.2bn, in a sign of weakening demand for US goods and services. .us

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