Bitcoin dipped in Monday morning trading in Asia but remained above the US$28,000 resistance level, while most other top 10 non-stablecoin cryptocurrencies traded lower following a week unsettled by U.S.regulators’ litigation against the world’s largest crypto exchange Binance for allegedly violating trading rules.U.S.equities jumped on Friday as the Federal Reserve’s preferred inflation gauge pointed to a slowdown in the economy and a potential end of the Fed’s tightening cycle.
See related article: Weekly Market Wrap: Bitcoin pops above US$29,000, market shrugs off Binance legal woes Fast facts – Bitcoin dipped 0.93% to US$28,111 in the 24 hours to 9:00 a.m.in Hong Kong, to add 0.35% for the past seven days, according to CoinMarketCap data .The world’s largest cryptocurrency fell to a low of US$26,677 last Tuesday following the U.S.
Commodity Futures Trading Commission’s (CFTC) lawsuit against Binance, and has recovered over 5.37% from that point.
– Ethereum dropped 1.27% to US$1,790 but traded up 0.61% for the week.Ethereum blockchain’s Shanghai hard fork , which includes an update that will allow investors to withdraw their staked ETH for the first time, is scheduled for April 12, the Ethereum Foundation announced last week .- Dogecoin led losses with a 5.92% drop in the past 24 hours and traded at US$0.07871, but held a weekly gain of 5.67%.Tesla Chief Executive Officer Elon Musk, whose tweets have caused price moves of the meme coin, is reportedly seeking to dismiss a US$258 billion price manipulation lawsuit, Reuters reported on Saturday.- XRP rose 3.06% to US$0.5192 for a weekly gain of 15.57%.Behind XRP’s rally is the growing optimism that Ripple Labs, whose crypto payment platform is powered by XRP, would end its on-going lawsuit against the U.S.Securities and Exchange Commission (SEC), which charged the company and its executives with breaching securities laws.- Ripple Labs CEO Brad Garlinghouse called for U.S.
officials to take notice of the SEC’s enforcement actions on US$2.4 billion in funding from Congress last Wednesday to intensify the agency’s crackdown on cryptocurrency misconduct.- The total crypto market capitalization dipped 1.10% in the past 24 hours to US$1.17 trillion.
The total trading volume over the last 24 hours increased 2.96% to US$31.79 billion.- In the non-fungible token (NFT) market, the Forkast 500 NFT index edged up 0.37% to 4,067.30 as of 09:00 a.m.in Hong Kong, up 0.85% for the week.
The index is a proxy measure of the performance of the global NFT market and includes 500 eligible smart contracts on any given day.It is managed by Forkast Labs data branch, CryptoSlam .- Forkast SOL NFT Composite, which tracks the performance of the Solana NFT market, rose 1.03% for the day to 1,215.36, and held a weekly gain of 5.07%, following the migration of DeGods — a Solana-based NFT collection — to the Ethereum blockchain.
NFT trading activities went up as investors anticipated the price of DeGods to rise on Ethereum, as it had with Y00ts, a collection that started migrating to Polygon earlier last week.- U.S.equities closed higher on Friday.The Dow Jones Industrial Average moved up 1.26%, the S&P 500 gained 1.44%, and the Nasdaq Composite Index rose 1.74.- The U.S.Personal Consumption Expenditures Price Index, which excludes food and energy, edged up 0.3% in February, lower than the expected 0.4%.
The economic reading points to a slowdown of inflation, and could offset the Fed’s tendency for more aggressive rate hikes, which raised the rates to 4.75% to 5% in March, the highest level since 2007.- New York Fed President John Williams said last Friday he expects the U.S.annual inflation rate would drop to 3.25% within 2023, and fall below the Fed’s long-term target of 2% in the next two years, stressing that price stability remains the Fed’s top concern despite the turmoils in the banking system.- Analysts at the CME Group remain mixed on the Fed’s next move on interest rates, which will be made at the next Fed meeting on May 3.50.4% of the analysts predict no rate hike, while 49.6% expect a 25 basis-point rise.
– U.S.
stock futures traded mixed as of 9:00 a.m.in Hong Kong, as investors wait for a series of U.S.economic data releases this week, including the manufacturing purchasing managers’ index on Monday.The Dow Jones Industrial Average futures moved up 0.10%, S&P 500 futures dropped 0.24% and the Nasdaq Composite Index fell 0.63%.
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