Bitcoin Flat, Ether Gains in Mixed Crypto Market; Solana rebounds, Litecoin leads the winners

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Bitcoin was trading lightly and Ether was gaining Monday morning in Asia, with prices for most of the other top 10 non-stable cryptocurrencies mixed. Solana added gains after a tumble that followed its labeling as a stock by the US financial regulator. Litecoin led the winners, still bullish on being included in token trading on the Wall Street-backed EDX Markets exchange that opened on June 20.

Mixed Crypto

Bitcoin added 0.41% to US$30,730.25 in the past 24 hours as of 6:30 a.m. in Hong Kong, according to data from CoinMarketCap. After a jump that followed a series of Bitcoin spot exchange-traded fund (ETF) applications in the final weeks of June, the world’s largest cryptocurrency by market capitalization lost direction, adding just 0, 61% in the last seven days.

The US regulator that approves ETFs, the Securities and Exchange Commission (SEC), said on Friday that it was unimpressed with applications for Bitcoin ETFs by financial heavyweights such as Blackrock and Fidelity Investments, according to a report. from the Wall Street Journal.

Ether, the second largest token in the world by market cap, added 1.49% to US$1,954.67. It gained 2.65% over the seven days.

Solana was among the early mixed trade winners in Asia for the other top 10 non-stable cryptocurrencies by market capitalization. The token rose 5.48% to US$19.43 for a weekly gain of 14.47%.

Solana rallies after a series of bearish indicators last week, with Solana-based non-fungible token (NFT) protocol Cardinal saying it was closing, citing macro challenges. Neobank and crypto exchange Revolut also reportedly told US-based users last Wednesday that they would remove Solana from the list, along with Cardano and Polygon.

The three tokens were among the cryptocurrencies the SEC called illegally issued financial securities in its lawsuit filed against exchanges Coinbase and Binance.US last month.

Vitalik Buterin, the creator of Ethereum wrote on Twitter on Friday that the tokens do not deserve to be targeted. If ethereum ends up winning through all the other blockchains by getting trades kicked off, that’s not an honorable way to win, and in the long run it’s probably not even a win.

The story continues

Litecoin led the winners with a 6.37% increase in the last 24 hours to US$112.96. The token has jumped 27.98% in the past seven days.

Litecoin, which was created in 2011 as a hard fork of Bitcoin, was one of four tokens selected to trade on the EDX Markets exchange, which is backed by Citadel Securities and Fidelity Investments. Other tokens are Bitcoin, Ether, and Bitcoin Cash. New Jersey-based EDX opened despite US regulators cracking down on crypto.

California-based crypto exchange Kraken was ordered by a U.S. judge on Friday to submit information about its users to the Internal Revenue Service as part of an investigation into underreported tax liabilities. The crypto exchange was fined US$30 million in February by the SEC for its staking services, which the federal agency said was an offering of unregistered securities.

Other crypto engines include Tron, which fell 1.85% to US$0.07572 but gained 3.31% for the week. Binances BNB token edged down 0.31% to $247.13, and Cardanos ADA fell 0.13% to $0.2905.

Total cryptocurrency market capitalization edged up 0.02% to $1.2 trillion, with trading volume down 7.54% to $27.26 billion, according to data from CoinMarketCap. .

Brutal NFT Weekend

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 non-fungible token (NFT) market, the Forkast 500 NFT index fell 1.49% to 2,910.36 within 24 hours of 7:30 a.m. in Hong Kong. The index is down 4.59% for the week.

Total NFT transaction volume fell 9.68% to $28.3 million, while volume on Ethereum increased 3.12% to $22.3 million.

Brutal weekend for NFTs, said Yehudah Petscher, NFT strategist at Forkast Labs, the parent company of Forkast.News. It might be easy to pinpoint the Azukis Elementals mint as the catalyst, but the drop in average sales and low prices in top collections before the Elementals mint showed that we were on the cusp of another free fall.

The Azuki Elementals collection started hitting last Tuesday and sold out in 15 minutes, but left collectors disappointed as the latest collection was nearly identical to the original.

Azuki founder Alex Xu, aka Zagabond, met with his community last Thursday to address complaints about the mint and Elementals issued a public apology on Twitter, saying they missed the mark and the new release was watering down the popular collection value. .

Ethereum-based Bored Ape Yacht Club NFTs topped the volume chart on Cryptoslam at $3.87 million. Another Ethereum-based collection, The Captainz, came in second place with $2.3 million.

Over the weekend, the Memeland team behind The Captainz NFTs, revealed their PFP or Profile Picture Art upgrades for the collection, but were met with a mixed to negative response. Most of the negative responses to the art came from people who didn’t know the art would be upgradable with purchasable traits, Petscher explained. Without these traits, the base characters are nearly identical, which has caused some confusion in the NFT community.

US stock futures were little changed

US Treasury Secretary Janet Yellen | Getty Images

US stock futures were little changed at 10:20 a.m. in Hong Kong. Dow Jones Industrial Average futures edged down 0.029%, S&P 500 futures fell 0.011%, while Nasdaq futures added 0.068%.

US stocks rallied during regular trading on Friday, the last day of the first half of 2023, but face trading disruptions this week with limited trading hours on Monday and the July 4 holiday Tuesday, when markets stock exchanges will be closed.

Economic indicators ahead this week include US manufacturing activity on Monday as well as a monthly jobs report on Friday. Tesla Inc.’s Sunday announcement of record second-quarter vehicle sales is a bullish factor for investors.

Japanese stocks gained on Monday in the wake of Friday’s rally on Wall Street, with tech stocks leading the gains in Tokyo.

In China, manufacturing slowed, but less than expected. Both the purchasing managers’ indices in Taiwan and South Korea also showed a contraction in manufacturing.

US Treasury Secretary Janet Yellen is visiting China on Wednesday to try to improve communications and frosty ties between the world’s two largest economies.

Investors expect further interest rate hikes this year in the United States following repeated warnings from Fed Chairman Jerome Powell in speeches last week in Europe that inflation is not has not yet been mastered.

U.S. interest rates are now between 5% and 5.25%, the highest since 2006. CME tool FedWatch forecasts an 87.4% chance of a 25 basis point rate hike during the next Fed meeting on July 26 and only forecasts a 12.6% chance the Fed will leave rates unchanged.

(Updates to add a section on stocks)

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