Bitcoin rebounds to US$28,000, Ether gains

[ad_1]

Bitcoin rose on Wednesday morning in Asian trading to retake the $28,000 mark. Ether and all other non-stable cryptocurrencies in the top 10 have risen, but not enough to offset the losses of the last seven days. Litecoin led the winners for day two around optimism about the next token halving event, even though it is over three months away. Concerns about the banking system resurfaced in the United States on Tuesday, potentially pushing crypto prices higher. US stock futures rose in Asia after Microsoft and Alphabet beat earnings expectations.

See related article: CoinShares Reports Weekly Investment in Ethereum-Related Products Rebounds After Hard Fork

Fast facts Bitcoin rebounded 3.13% to US$28,319 in the 24 hours as of 9:00 a.m. in Hong Kong, according to data from CoinMarketCap. The world’s largest cryptocurrency returned above the US$28,000 mark for the first time since Friday, but is still down 6.62% over the past seven days. Ether gained 1.45% to US$1,867. Crypto asset investment firm CoinShares said Ethereum-related investment products saw net inflows of around US$17 million in the week ending April 21, compared to US$300,000. the previous week, suggesting confidence in the outlook for the tokens after the Ethereum blockchain upgrade in Shanghai. However, like Bitcoin, it is still down since last week at 10.99%. Litecoin led the winners on Wednesday, rising 3.40% to US$90.98. Some investors seem to be positioning themselves ahead of the third token halving event that will take place on August 2, 2023, which will reduce the supply of tokens. But again, the gains so far this week have not offset the 10.38% seven-day decline. BNB, the token that powers the world’s largest crypto exchange, Binance, rose 2.19% to US$338.34. However, the gain was overshadowed by Binance.US pulling out of a US$1 billion deal to buy bankrupt crypto lender Voyager Digital, citing hostile regulators in the country. Voyager’s unsecured creditors committee said it is investigating potential claims against Binance.US following the pullout. The total crypto market capitalization increased by 2.41% in the past 24 hours to US$1.19 trillion. The total trading volume in the last 24 hours increased slightly by 5.13% to $40.38 billion. In the non-fungible token (NFT) market, the Forkast 500 NFT Index fell 0.80% to 3,726.74 within 24 hours of 9:00 a.m. in Hong Kong, down 8.36% for the week. The index is an indirect measure of global NFT market performance and includes 500 eligible smart contracts every day. It is operated by CryptoSlam, a sister company of Forkast.News under the Forkast.Labs umbrella. US equity futures traded higher at 9:00 a.m. in Hong Kong. Dow Jones Industrial Average futures rose 0.18%. The S&P 500 gained 0.50% and the Nasdaq Composite Index rose 1.35%. All three indexes slid in regular Tuesday trading on Wall Street as concerns about bank solvency returned. Shares of First Republic Bank fell nearly 50% after reporting a 40.8% drop in deposits since the start of the year. It follows the trio of bank failures in the United States in March and comes despite the injection of US$30 billion in funds into the First Republic last month. According to Daniel Takieddine, managing director of brokerage firm BDSwiss for the Middle East and North Africa, worries about US banking sector woes could return with some banks revealing billions in lost deposits and could benefit bitcoin if capital flight exposes more banks. On the economic front, surveys released Monday by the Federal Reserve Bank of Dallas and the Federal Reserve Bank of Chicago indicated a slowdown in manufacturing and a possible recession ahead. Amid the economic and banking gloom, U.S. tech giants Microsoft and Alphabet reported post-market earnings that beat analysts’ expectations, adding some optimism to after-hours trading, according to CNBC. On the inflation front, investors are forecasting first-quarter US gross domestic product (GDP) on Thursday and personal consumption spending on Friday. Both numbers will be sliced ​​and diced to get a view on the broader outlook for the US economy and the Federal Reserve’s possible next interest rate decision. US interest rates are currently between 4.75% and 5%, the highest since June 2006. CME Group analysts now expect a 24.2% chance that the Fed will leave interest rates unchanged at its next meeting on May 3, while 75.8% expect a 25-basis point increase, compared to 84% on Tuesday.

See related article: South Korea indicts Terra co-founder Daniel Shin; Shin denies the accusations

[ad_2]