Cryptocurrency prices were choppy on Friday morning as investors were taking some profit and reassessed their positions outlook. Bitcoin held steady above US$28,000 after managing to breach the US$29,000 mark briefly on Thursday. Ethereum was down 4% in Friday Asian trading, with the second largest cryptocurrency by market capitalization briefly dipping below US$740 earlier in the session.

Other top 10 non-stablecoin coins fared mixed on the day, but with Binance Coin (BNB) leading the winners. BNB, the native token of the Binance exchange, rose 8.48% in 24 hours at time of writing despite the exchange facing a lawsuit by U.S. commodities regulator CFTC for allegedly offering its products to U.S. residents without a license. Binance has denied the allegation. Aside from the CFTC lawsuit, the exchange also revealed that its Singapore arm has secured a major license just last week.

Despite the choppy trading in cryptocurrency prices, U.S. equities were buoyed by signs that a bank liquidity crunch was receding and economic readings pointing to a cooling economy, indicating the Federal Reserve may pull back on its interest rate hikes. This could help buoy the stock market further, bringing with it a tailwind to cryptocurrency prices. However, traders will keep close tabs on the latest news releases and regulatory developments in the coming days as such news still remain a key driver of the market.



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