[ad_1]
Bitcoin and Ether prices fell Friday morning in Asia. After a bull run, Litecoin joined most of the other 10 non-stable cryptocurrencies in posting losses. XRP was the sole winner. It recorded gains following the launch of its new central bank digital currency (CBDC) platform by its issuer Ripple. U.S. stock futures rose after a strong rally in regular trading on Thursday. Positive earnings reports and talk of the debt ceiling both played a role.
See related article: Is Tether undocked or just dandy?
Ripple XRP Makes Remarkable Gain
Bitcoin fell 1.97% to $26,852.75 in the 24 hours to 7:45 a.m. Friday in Hong Kong, down 0.67% over the past seven days according to data from CoinMarketCap.
The move back below the $27,000 level signaled a return to a bearish trend after Thursday’s gains. This trend, however, should be short-lived, financial analyst Tone Vays said in an interview.
I believe we have hit rock bottom. We are now in a halving cycle which tends to push Bitcoin higher with less than a year until the halving event.
Halving refers to a pre-programmed reduction in the rate of creation of new tokens, which reduces supply and can drive up prices.
We’ve had an extended bear market and it’s just time for Bitcoin to rally, Vays added.
Like Bitcoin, Ether fell 0.92% to US$1,804.6. However, it posted gains of 0.29% for the week.
Ripple XRP was the only winner among the top 10 non-stable cryptocurrencies. It gained 2.68% to US$0.4607 while adding 9.13% over the past seven days.
The gains followed a Thursday announcement from XRP issuer Ripple Labs. The payment protocol and exchange network has announced that it is launching a platform for a CBDC as part of Hong Kong’s inaugural e-HKD (electronic Hong Kong dollar) pilot program.
The Ripple platform will offer a frictionless, end-to-end solution for central banks, governments, and financial institutions to issue their own central bank digital currency, according to a press release from the company.
Ripple will partner with Taiwan-based Fubon Bank for the project.
The announcement followed other Ripple-related news earlier this week. On Wednesday, a US federal judge denied a motion filed by the Securities and Exchange Commission (SEC) to block public access to the so-called Hinman document.
These internal documents relate to former SEC Director William Hinmans’ comments that Bitcoin and Ether are not financial securities. The decision is seen as a victory for Ripple Labs in its ongoing legal dispute with the SEC. The regulator accuses them of providing unregistered titles.
Elsewhere, most of the other non-stable cryptocurrencies in the top 10 traded lower. Solana led the losers. It fell 3.4% to US$20.36 but was up 0.37% over the past seven days.
Litecoin lost ground after a bullish week. It was down 3.37% at US$90.77.
Bitcoin-like cryptocurrency has seen a resurgence of interest recently. This was primarily due to congestion and higher transaction fees on the Bitcoin network associated with the current popularity of ordinals. The Litecoin network has also seen its own increase in ordinal listings.
On the recent popularity of ordinals on the Bitcoin network in particular, Vays has identified a solution to the operational problems it raises.
The Bitcoin mainchain wasn’t really designed for that kind of purpose, he said. Yes, the Bitcoin blockchain can be used for this kind of projects. I just wish they were done on the Liquid sidechain.
The Liquid layer 2 solution offers ways to incorporate ordinals and other initiatives on the Bitcoin blockchain without increasing transaction fees, he added.
The total crypto market capitalization fell 1.44% in the past 24 hours to US$1.12 trillion. Total trade volume fell 6.46% to $32.07 billion.
Space Pepe’s NFTs skyrocket 28270%
In the non-fungible token market, the Forkast 500 NFT Index rose 0.1% to 3,387.40 points over the 24 hours at 9:30 a.m. in Hong Kong. It has risen 0.1% over the past seven days.
24-hour NFT sales on Ethereum, the leading blockchain for NFTs, fell 17.31% to $14.4 million. Sales on the Bitcoin blockchain also lost 11.45% according to CryptoSlam! data at $6.9 million.
Space Pepes, a Bitcoin NFT collection based on the Pepe the Frog meme, soared 28,270% to US$7.3 million in the past 24 hours to 11:30 a.m. HK. The collection topped the Cryptoslams NFT collection rankings in terms of sales volume.
Unclassified Ordinals The Cryptoslams category of Bitcoin ordinals that are not part of an established collection grew 140.12% to $1.9 million in the last 24 hours.
DMarket NFT collection based on the Mythos blockchain ranked second. DMarket consists of online game NFTs traded on the game item market of the same name. It was acquired by blockchain game maker Mythical Games in January this year.
In individual NFT sales, Bored Ape Yacht Clubs #5042 registered the highest price. It sold for US$172,135.
rally in US equities; hawkish noises from Federal Reserve Chairman Jerome Powell | Image: Getty Images
U.S. stock futures traded higher at 10:45 a.m. in Hong Kong, adding momentum to Thursday’s rally. Dow Jones Industrial Average futures edged up 0.074%, while S&P 500 futures gained 0.17%. Nasdaq Composite futures added 0.28% after gaining 1.51% in market trade on Thursday.
All three Wall Street stock indexes rose after U.S. House of Representatives Speaker Kevin McCarthy said a bill to raise the country’s debt ceiling could go to a vote the next day. next week. The comments follow positive talks with US President Joe Biden, easing investor concerns that the US could default on debt.
This scenario, which would have major repercussions on the American and global markets, can be avoided if the White House and Congress can agree to raise the debt ceiling.
Biden and McCarthy have been actively discussing a solution to the ongoing impasse throughout this week. Biden also expressed optimism that a deal could be reached.
Democratic negotiators informed the president on Friday that they were making steady progress on debt ceiling talks ahead of his presence in Japan for the weekend at the Group of Seven summit.
Treasury Secretary Janet Yellen warned earlier this month that the United States would start defaulting on debt as early as June 1. Yellen called for swift action to raise the debt ceiling, as she said a default would devastate jobs and countries.
On the relationship between the crisis and crypto markets, Clara Medalie, head of research at crypto market data provider Kaiko, told Forkast via email that so far there has been little signs of impact based on recent price movements. This is largely because the event has yet to take place and it remains to be hoped that an agreement will be reached before June 1, she added.
Elsewhere, U.S. investors saw positive first-quarter earnings results from major U.S. corporations.
Walmart, the world’s largest company by revenue, reported total revenue growth of 7.6% for the quarter. We had a good quarter. Mockup sales were strong globally, with e-commerce growing 26%. We have optimized expenses, increased operating margin and increased profits before sales, Walmart President Doug McMillion said in the company’s earnings report.
Shares of California-based tech maker Nvidia jumped nearly 5% on Thursday after the company announced it had partnered with another California-based cloud software company, ServiceNow, to develop AI for businesses.
On interest rates, Federal Reserve Chairman Jerome Powell is due to speak publicly on Friday. It is expected to signal the latest central bank policy views on inflation and rates.
Other Fed members made hawkish comments on Thursday. Fed Governor Philip Jefferson said the United States should wait to assess the full effect of rising interest rates on inflation so far before deciding whether to rule out further hikes.
Dallas Fed President Lorie Logan also said it was not yet time to pause interest rate hikes.
US interest rates are now between 5% and 5.25%, the highest since 2006. The Fed meets again on June 14 to decide if another rate hike is needed. Inflation came in at 4.9% in April, below expectations but still above the Fed’s 2% target.
CME tool FedWatch predicts a 66.7% chance the Fed will leave rates unchanged in June, down from 76.2% the previous day. He predicts a 33.3% chance for another 25 basis point rate increase.
|
Sources 2/ https://forkast.news/xrp-ripple-cbdc-debt-ceiling-bitcoin-ordinals/amp/ The mention sources can contact us to remove/changing this article |
[ad_2]