Home Markets The sector is treading water amid choppy trading

The sector is treading water amid choppy trading

The sector is treading water amid choppy trading
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Huobi jumped 18% on Friday, but the overall crypto market stalled. – Photo: Shutterstock

The cryptocurrency the market stalled on Friday amid choppy trading.

Bitcoin (BTC) and ether (ETH), the main coin of the Ethereum blockchain, generated buzz by surging above $24,000 and $1,900 respectively as conventional markets closed in North America. (All figures are based on data from CoinMarketCap.) However, on average, digital coin prices have remained stable.

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Huobi Spikes

The Huobi (HT) exchange token soared 18% after Bloomberg reported that the company’s founder, Chinese billionaire Leon Li, wanted to sell a majority stake for more than $3 billion (£2.47). Citing people familiar with the matter, Bloomberg reported that Li held talks with various potential buyers, including TRON founder Justin Sun and FTX crypto billionaire Sam Bankman-Fried.

Most of the other gains were modest on Friday. But several coins saw strong weekly increases.

The Besieged Celsius Network Coin (CEL) increased by 98% compared to the previous week. Meanwhile, avalanche (AVAX), solane (FLOOR), XDCand chain link (LINK) increased by about 20%.

BTC coin and Ether were up 18% and 15% respectively from the previous week.


Quiet end

Friday’s modest performance marked the quiet end to a difficult – but not too heavy – seven-day period. The sector was confronted with the hack of the Nomad bridge, which resulted in the loss of 190 million dollars, part 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 (HRV) was also piratealthough on a much smaller scale than Nomad.

And, Singapore-based crypto lender Hodlnaut froze withdrawals, trades, and deposits due to the harsh crypto winter. But, overall, the sector has shown resilience – unlike July and June, when the financial difficulties of Celsius, digital travel and Capital of the Three Arrowsmacroeconomic turmoil and other factors triggered a market crash.

Coinbase stock soars

Coinbase’s closely watched stock (PIECE OF MONEY) ended a volatile week by jumping 7% on Friday. The token went on a rollercoaster ride as the crypto exchange operator generated a massive amount of news

Coinbase confirmed it was under investigation by the US Securities and Exchange Commission, and the company provided below-par financial results and signed a partnership with global asset manager BlackRock (noir).

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