Crypto prices climb as shares of Block and Silvergate fall with traditional markets
On December 5, cryptocurrency prices rose while stock prices fell overall. Grayscale's Ether trust fell to a new low. Since noon EST on December 4, Bitcoin has been trading above $17,000, according to TradingView. The top crypto by market capitalisation increased by 0.3 percent to $17,087.
The price of Ether increased by more than 0.5 percent to $1,266. Ripple's XRP increased by 0.2 percent, and Binance's BNB gained 0.5 percent. More notable increases were made by Litecoin, which increased by almost 7 percent during the last day.
The price of Bitcoin in dollars has a tendency to rise as the value of the dollar declines, and at 104.83, the US Dollar Index was trading at its lowest level since August. As traders bet on the Fed decreasing the pace of its interest rate hikes, the US dollar has lost more than 50 percent of its gains from this year. According to the CME Group's FedWatch tool, the likelihood of a 50 basis point hike on December 14 is currently 77 percent based on market information for Fed funds’ futures. Read full here