Bitcoin traded above US$17,000 Monday morning in Asia, with all the top 10 non-stablecoin cryptocurrencies by market cap gaining ground. Investors see inflation fears easing in the U.S., the world’s biggest economy, while China has started to relax Covid-19 restrictions in many cities, raising expectations the world’s second-biggest economy will get back on the growth track after GDP slowed this year to around 3% from a target of 5.5%.

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Fast facts

• Bitcoin rose 1.3% to US$17,127 in the 24 hours to 8 a.m. in Hong Kong, while Ether gained 3% to US$1,278, according to data on CoinMarketCap.

• Leading memecoin Dogecoin rose 4.4% to US$0.104, leading gains in CoinMarketCap’s list, while Polygon added 2% to US$0.92. Polkadot and the memecoin Shiba Inu both rose more than 1.5%.

• The total crypto market cap expanded 1.3% to US$858 billion, while trading volume fell 1.8% to US$30.7 billion.

• China has started to ease its so-called zero-Covid-19 control measures with several cities dropping the requirements for proof of negative tests for entry into public spaces.

• Shanghai city authorities said in a Sunday statement that starting from Monday, it will stop checking PCR test results for residents to enter public venues or take public transport. Hangzhou, where Chinese e-commerce giant Alibaba Group Holding is headquartered, also announced on Sunday that it won’t require passengers on public…