Bitcoin Plunges Below US$27,000, Ether Falls, Litecoin Leads Gains, US Stocks Rebound

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Bitcoin fell Friday morning in Asia, trading below support at US$27,000 in a lackluster start to June after posting its first monthly loss of the year in May. Ether fell back below US$1,900 and most of the other top 10 non-stable cryptocurrencies traded flat to lower. Cardano led the losers, while Litecoin found buying support heading into the third token halving event. U.S. stock futures rose after gains in regular trading on Thursday after the debt ceiling bill passed the House of Representatives and is now going to the Senate. Manufacturing data showed a slowing pace of inflation, tempering concerns about further interest rate hikes to come. In contrast, analysts expect the United States to issue up to $1 trillion in Treasuries this year to replenish its liquidity, which could suck liquidity from risky assets such as cryptocurrency. currencies.

Crypto

Bitcoin fell 1.17% in the past 24 hours to hit $26,878 as of 7:10 a.m. HK, but held on to a weekly gain of 1.53%, according to data from CoinMarketCap. The major cryptocurrency fell around 7% in May, but is still up 62% for the year so far.

Ether fell slightly by 0.19% to trade at US$1,866, with a weekly gain of 3.20%.

Most of the other top 10 non-stable cryptocurrencies traded flat over the past 24 hours, while Litecoin bucked this trend to gain 5.11% to US$94.41, up from 9.98 % for the week. The third token halving event is scheduled for August 2, which would reduce the supply of the token.

Litecoin on-chain activity resumed in May, according to blockchain data tracker IntoTheBlock on Tuesday, which noted nearly 8.5 million Litecoin addresses with balance at the end of May, compared to 7.09 million addresses at the end of March.

Cardanos ADA led the losers in the top 10 non-stable tokens, falling 2.35% to $0.3659, but still managing a weekly gain of 2.03%.

The market capitalization of the stablecoin Tethers USDT hit an all-time high of US$83.60 billion early Friday morning in Asia, up more than 26% year-to-date.

The story continues

(USDT’s rise was) no doubt related to US banking issues and Binance’s demise of BUSD; It seems like investors are putting their faith and money in Tether, so far, said Justin dAnethan, APAC business development manager at Keyrock, a Belgium-based crypto market maker.

Total cryptocurrency market cap fell 0.64% in the past 24 hours to US$1.13 trillion, while 24-hour market volume fell 7.79% to 30 .28 billion US dollars.

(Updated the first section to show that US stock futures have risen.)

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