Bitcoin Wins With All Top 10 Cryptos, Fidelity Confirms Bitcoin ETF Offering, US Economy Rebounds

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Bitcoin gained along with all other non-stable cryptocurrencies on Friday morning in Asia after data this week showed the US economy grew even in the face of repeated interest rate hikes. US GDP grew faster than expected in the first quarter and initial claims for unemployment insurance were lower than expected. Additionally, asset manager Fidelity Investments filed on Thursday to offer a spot Bitcoin exchange-traded fund (ETF).

All Top 10 Cryptos Are Rising

Bitcoin climbed 1.05% to $30,453 in the past 24 hours as of 6:40 a.m. HK, according to data from CoinMarketCap. The world’s largest cryptocurrency by market capitalization is up 1.43% in the past seven days.

Ether rose 1.28% to hit US$1,853 but was down 1.4% for the week.

All of the top 10 non-stable cryptocurrencies traded higher. Solana led the gains with a jump of 12.35% and a weekly gain of 7.56%. This is despite Cardinal, a Solana non-fungible token (NFT) protocol, announcing on Thursday that it will cease operations due to what it called a difficult macroeconomic environment.

Cardinal tweeted on Thursday that the team will deactivate new deposit instructions on July 19 and cease operations on features such as NFT staking and new rentals.

Elsewhere, Fidelity has filed a new application for a spot Bitcoin ETF. Thursday’s filing with the Securities and Exchange Commission (SEC) shows that the COBE exchange has offered to list and trade shares of the Wise Origin Bitcoin Trust. The SEC rejected a Bitcoin ETF application from Fidelity in 2021.

Fidelity’s move follows a flurry of U.S. spot Bitcoin ETF applications submitted by asset managers this month, including BlackRock, WisdomTree, Invesco and Bitwise, indicating institutions are confident in the market. profit potential of digital assets and demand.

At this point, the absence of a spot Bitcoin ETP puts US investors’ assets at significant risk, as investors who would otherwise seek exposure to crypto assets through a spot Bitcoin ETP are forced to find alternative exposure by generally riskier ways, according to Fidelity’s filing.

The story continues

On Wednesday, investment management fund ARK Invest also filed an amendment to its April application for a spot Bitcoin ETF.

Total cryptocurrency market cap increased 1.24% to $1.17 trillion, with trading volume down 12.22% to $29.96 billion, according to data from CoinMarketCap .

Long Term Azuki Collectors Sell Out

Indices are indirect measures of the performance of the global NFT market. They are operated by CryptoSlam, a sister company of Forkast.News under the Forkast.Labs umbrella.

In the NFT market, the Forkast 500 NFT index fell 0.79% to 2,852.82 within 24 hours at 10:00 a.m. in Hong Kong. The index is down 1.79% for the week.

NFT transaction volume on Ethereum fell 19.79% to $20.87 million in the past 24 hours, while volume on the Bitcoin network increased 357.82% to $13.38 million , according to data from CryptoSlam.

Sales of unclassified ordinals The CryptoSlams category of Bitcoin ordinals that are not part of an established collection rose 7.22% to $9.25 million, making it the best-selling collection in the world. during the last day.

Solana-based SMB Barrel Raffle, which began publicly minting on Thursday, recorded the second-highest daily volume at US$5.1 million.

Azuki Elementals’ trading volume fell 46.5% to US$2.95 million, and Azuki’s original collection saw a decline of 7.76% to US$2.79 million.

As the new Azuki Elementals sold out their 20,000 NFTs in 15 minutes when they started hitting Tuesday, collectors were angry as the new NFTs looked almost identical to the original Azuki collection, according to Yehudah Petscher, NFT Strategist at Forkast. Labs, the parent company. from Forkast.News. This could potentially devalue the NFT collection as a whole, he said.

This evening [on Thursday] Azuki founder Zagabond is meeting with the community to discuss the mint of the week and likely address concerns, Petscher said.

According to data analytics firm Nansen on Twitter Thursday: Azuki and Beanz collectors who have held for over a year are selling their mint post-Elementals NFTs.

Meanwhile, art auction house Sothebys plans to launch a new program of generative art, or work generated from algorithms. It will be in partnership with Art Blocks, which powers generative typing technology for brands and artists, according to a Wednesday statement shared with Forkast via email.

This will allow long-form generative art collections to be minted directly on Sothebys’ own platform, Petscher said. Generative art is really starting to spread its wings following the sale of The Goose The Ringers #879 for $5.4 million ($6.2 million including fees) on June 15th.

China’s economy contracts for third month

A steelworks in Nantong, in the Chinese province of Jiangsu. Image: Getty Images

Asian stock markets were mixed on the last day of the quarter as investors weighed new economic data from the United States and China.

US equity futures rose slightly at 11:00 a.m. in Hong Kong. Dow Jones Industrial Average futures edged up 0.01%, S&P 500 futures climbed 0.08% and Nasdaq futures added 0.19%.

US economic growth rose faster than expected in the first quarter, official data showed Thursday. In the first quarter, the country’s gross domestic product (GDP) grew at an annualized rate of 2%, against 1.3% previously estimated.

The amount of initial jobless claims in the United States fell from 26,000 to 239,000 for the week ended June 24, the largest drop since October 2021.

The robust economic performance in the United States was not repeated in China, where the country’s manufacturing activity contracted in June for the third month, the National Bureau of Statistics said on Friday. The official Manufacturing Purchasing Managers’ Index came in at 49.0 for the month, down from 48.8 in May. A reading below 50 indicates a contraction.

Chinese Premier Li Qiang said on Tuesday that China is still on track to meet its 5% annual growth target.

Investors, however, still face more interest rate hikes this year in the world’s largest economy. US Fed Chairman Jerome Powell has repeatedly said the Fed may raise rates at the next two meetings and repeated that message at a central bank meeting in Portugal this week.

U.S. interest rates are now between 5% and 5.25%, the highest since 2006. CME tool FedWatch forecasts an 86.8% chance of a 25 basis point rate hike during the next Fed meeting on July 26. He predicts a 13.2% chance the Fed will leave rates unchanged.

(Updates to add a section on stocks.)

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