Bitcoin, the world's largest cryptocurrency by market capitalization, fell below US$28,000 on Monday afternoon in Hong Kong after breaching the mark earlier in the day. All top 10 non-stable cryptocurrencies except Tron (TRX) were up in the 24 hours to 4 p.m. Hong Kong, with Ethereum leading the gains with 2.8%.
Asian markets were mixed, while European stocks and US stock futures gained. A tentative deal on Sunday between US President Joe Biden and House Speaker Kevin McCarthy to raise the debt ceiling for the world's largest economy boosted investor appetite for risk.
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Tokens tied to Justin Sun on the watch
Bitcoin's seesaw of around $28,000 was part of its 2.51% rise in the past 24 hours, bringing its weekly gain to 3.95%, according to data from CoinMarketCap. Ether, the world's second-largest cryptocurrency, traded at $1,900.
TRX, the native cryptocurrency of the Tron blockchain founded by blockchain entrepreneur Justin Sun, fell 0.27% to US$0.07721. However, it achieved an increase of 0.95% compared to the previous week. TRX has been deflationary in recent months, with over 13 million TRX tokens burned on Sunday. blockchain data sample.
Huobi Token (HT), another cryptocurrency affiliated with Sun through its holding on the cryptocurrency exchange of the same name, also posted losses on Monday, falling 0.2%. This occurred despite Huobi's announcement to offer spot and managed services to professional and retail clients. With a market value of over US$533, HT ranks as the 79th largest cryptocurrency in the world.
Huobi saying officially filed a notice of application with the Hong Kong Securities and Futures Commission on Monday for a virtual asset trading license.
Hong Kong will allow retail trading for investors starting June 1, as the city aims to become a crypto hub.
Total crypto market volume increased 56.34% to $33.67 billion, while total crypto market capitalization increased 2.04% to $1.16 trillion in the last 24 hours.
Increase in Ethereum NFT sales
The indices are indirect measures of the performance of the global NFT market. are managed by CryptoSlama sister company of Forkast.News under the umbrella of Forkast.Labs.
In non-fungible tokens, the Forkast 500 NFT Index it was up 1.37% in the 24 hours to 18:45 in Hong Kong. Forkast ETH NFT Composite it was unchanged in 24 hours but fell 0.32% on the week.
During the same period, Ethereum NFT sales increased 12.78% to $14.89 million, according to CryptoSlam data. Mutant Ape Yacht Club recorded the highest sales volume among NFTs on the Ethereum blockchain, at US$1.93 million.
Sales of $OXBT BRC-20 NFT, a collection of Bitcoin Ordinals launched last Thursday, exceeded $2.39 million in the last 24 hours, which played a significant role in increasing NFT sales on the network. Bitcoin down 12.86% to $6.81 million.
“Fundamentally, there is a huge gap forming between what we are seeing in Ethereum and what we are seeing in Bitcoin. The community is splitting into people who value [user experience], and corporate partners and one that values maximum security/scarcity and immutability. While I believe there are strengths for each, there IS a place for both." saying Yohann Calpu, director of marketing at Forkast Labs.
US futures rise, Asian markets mixed
Asian stock markets were mixed on Monday as traders assessed declining industrial earnings data from China amid a shaky economic recovery. The profits of China's industrial companies fell 20.6% in the first four months of 2023, and the manufacture of computers, communications and other electronic devices saw a 53.2% drop in profits. According to Bloomberg on Monday, data points to turmoil in China's post-Covid economic recovery.
He Shanghai Composite gained 0.28%, the Shenzhen Components Index lost 0.80% and the Hong Kong Hang Seng Index fell 1.16%.
from Japan nikkei 225 It rose 1.03% to close at a 33-year high on Monday after news that a preliminary agreement to raise the debt ceiling was reached over the weekend. Japanese stocks reported strong gains this month, while a weak yen will likely boost the country's exports.
European shares rose on Monday, with Germany's DAX 40 adding 0.22%, while the benchmark STOXX 600 index rose 0.13% on successful US debt ceiling talks. Investors are now looking forward to Eurozone inflation rate estimates, the global Purchasing Managers' Index and the US employment report to be released on Friday.
Major US stock futures were higher at 12:30 pm in Hong Kong. Dow Jones Industrial Average futures were up 0.14%. S&P 500 futures gained 0.21% and Nasdaq futures rose 0.40%. US stock markets will be closed Monday in observance of Memorial Day.
President Biden Announced on sunday a bipartisan budget agreement with House Speaker McCarthy, which Biden said would prevent a US government default, and is set to move to a vote in Congress.
However, the deal could still face objections in Congress.
On the US inflation front, the April Personal Consumption Expenditures Price Index rose 4.4% on the year, accelerating from 4.2% in March. The data points to a strong job market and stubborn inflation in the US, which could open the door for further interest rate hikes from the Federal Reserve.
The Fed will meet on June 14 to decide its next move on interest rates, now between 5 and 5.25%, the highest since 2006. The CME FedWatch Tool predicts a 37% chance the central bank will keep rates unchanged in June and a 63% chance of another 25 basis point rate hike, up from 25.7% on May 22.
