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Bitcoin, Ether rise; BNB is biggest loser in top 10 cryptos

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Bitcoin and Ether rallied in Asian trading on Tuesday afternoon. BNB was the biggest loser across the top 10 non-stablecoin cryptocurrencies.

See related article: New FTX CEO John J Ray to deliver scathing testimony in Congressional Hearing

Fast facts

  • Bitcoin increased 1.51% to US$17,182 in the 24 hours to 4:30 p.m. in Hong Kong, and Ether rose 1.72% to trade at US$1,267, according to CoinMarketCap.
  • BNB decreased 5.11% to US$266.48. In the past 24 hours until Tuesday morning, Binance’s net outflow stood as high as US$902 million. Reuters reported on Monday that U.S. prosecutors have evidence that Binance violated “anti-money laundering and international sanctions,” and can charge several top executives immediately, including CEO Changpeng Zhao.
  • “Ignore FUD (fear, uncertainty and doubt). Keep building!” said Zhao on Twitter on Monday after Reuters’ report was published.
  • XRP rose 2.42% to US$0.3829. Charles Hoskinson, founder of blockchain network Cardano, said on Saturday that he had heard rumors that Ripple’s lawsuit with the US Securities and Exchange Commission would end with a settlement in recent days.
  • Tron gained 1.35% to US$0.05287. After the Justin Sun-backed algorithmic stablecoin USDD lost its parity with the US dollar and fell below US$0.97 on Monday, Sun tweeted that more than US$203,000 in USDC and US$570,000 in USDT have been swapped for USDD to back the dollar. As of 5 p.m. in Hong Kong, USDD remained below US dollar parity and was trading at US$0.9755.
  • Asia markets were mixed following Wall Street’s rally overnight. The Nikkei 225 dropped 0.4%, the Shanghai Composite Index inched down 0.085%, and Hong Kong’s Hang Seng Index rose 0.68%.
  • Hong Kong said Tuesday it will lift all restrictions on entry to the city starting Wednesday, after China significantly eased Covid-19 restrictions. Hong Kong’s gross domestic product is estimated to grow 7.6% as exports and tourism revenue could climb after China’s reopening, reported Hong Kong local media The Standard on Monday, citing a Goldman Sachs report.

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