Bitcoin, the world’s largest cryptocurrency by market capitalization, fell below US$28,000 in the Hong Kong market on Monday afternoon after surpassing the benchmark earlier in the day.All of the top 10 non-stablecoin cryptocurrencies except Tron (TRX) rose in the 24 hours to 4 p.m.Hong Kong, with Ethereum leading the gain of 2.8%.
Asian markets were mixed, but European stock exchanges and U.S.stock futures rose.Investors were more willing to take risks after US President Joe Biden and House Speaker Kevin McCarthy reached a tentative deal on Sunday to raise the debt ceiling of the world’s largest economy.
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Tokens linked to Justin Sun appear on the watch
Bitcoin’s near-US$28,000 seesaw was part of a 2.51% gain over the past 24 hours, taking the weekly gain to 3.95%, according to CoinMarketCap data.Ether, the second largest cryptocurrency in the world, traded at US$1,900.
TRX, the native cryptocurrency of the Tron blockchain founded by blockchain entrepreneur Justin Sun, fell 0.27% to $0.07721.However, it recorded an increase of 0.95% from the previous week.
TRX has been in a deflationary trend for the past few months, with over 13 million TRX tokens burned on Sunday.
blockchain data shows.
Huobi Token (HT), another cryptocurrency partnered with Sun through its stake in the eponymous crypto exchange, also fell 0.2% on Monday to record a loss.
This came despite his Huobi announcement to offer spot and managed services to professional and retail customers.With a market value above his US$533, HT ranks as his 79th largest cryptocurrency in the world.
Huobi
Said The company formally submitted its application notice to the Hong Kong Securities and Futures Commission to obtain a virtual asset exchange license on Monday.
Retail sales allowed in Hong Kong
Trading for investors The city aims to become a cryptocurrency hub, starting June 1.
Over the past 24 hours, the total cryptocurrency market value increased by 56.34% to US$33.67 billion, while the cryptocurrency market capitalization increased by 2.04% to US$1.16 trillion.
Ethereum NFT Sales Soar
The Index is a proxy measure of the performance of the global NFT market.managing them is
crypto slama sister company of Forkast.News, which is part of Forkast.Labs.
For non-fungible tokens,
Forkast 500 NFT Index In Hong Kong, it rose 1.37% in the 24 hours to 6:45 p.m.Forkast ETH NFT Composite It was flat over the 24 hours, but fell 0.32% over the week.
Over the same period, Ethereum NFT revenue increased by 12.78% to US$14.89 million, according to the company.
crypto slam data.Mutant Ape Yacht Club is the highest-grossing NFT on the Ethereum blockchain, reaching US$1.93 million.
The $OXBT BRC-20 NFT, a Bitcoin Ordinals collection launched last Thursday, surpassed US$2.39 million in sales in the last 24 hours, playing a major role in boosting NFT sales on the Bitcoin network by 12.86% to US$6.81 million.fulfilled.
“Fundamentally, there is a huge difference between what we see in Ethereum and what we see in Bitcoin.
[user experience], corporate partners, and those who value ultimate security/scarcity and immutability.I think each has its strengths, but some places are good for both.”
https://forkast.news/bitcoin-and-ethereum-two-titans-battle-for-nft-supremacy/ Yohann Calpu, Chief Marketing Officer at Forkast Labs, said:
US futures rise, Asian markets mixed
Asian stock markets were mixed on Monday as traders assessed a decline in China’s industrial profit data amid a shaky economic recovery.Profits at Chinese industrial firms fell 20.6% in the first four months of 2023, with profits falling 53.2% for the manufacture of computers, communications and other electronics.
Bloomberg on Monday said the data showed turmoil in China’s economic recovery after the coronavirus pandemic.
of
shanghai complex The Shenzhen Composite Index rose 0.28%, the Shenzhen Composite Index fell 0.80%, and the Hong Kong Composite Index fell 0.80%.Hang Seng Index It fell 1.16%.
Japanese
Nikkei 225 It rose 1.03% on Monday to close at a 33-year high after news that a tentative deal to raise the debt ceiling had been reached over the weekend.Japanese stocks reported strong earnings this month, but a weaker yen is likely to boost Japanese exports.
European stocks rose on Monday, with Germany’s DAX40 index up 0.22% and the benchmark STOXX600 index up 0.13% on the success of US debt ceiling negotiations.
Investors are now looking forward to euro zone inflation estimates, global purchasing managers’ indicators and the US jobs report due out on Friday.
As of 12:30 p.m.in Hong Kong, major US stock futures were higher.Dow futures rose 0.14%.S&P 500 futures were up 0.21% and Nasdaq futures were up 0.40%.US stock markets will be closed Monday for Memorial Day.
President Biden
announced Bipartisan on Sunday budget agreement Biden said House Speaker McCarthy is ready to avoid a U.S.government default and move to a vote in Congress.
However, the deal could still face opposition in Congress.
On the inflation front in the US, the personal consumption expenditure price index rose 4.4% year-on-year in April, accelerating from 4.2% in March.The data points to a strong US labor market and stubborn inflation, which could open the door for further rate hikes by the Federal Reserve.
The Fed is scheduled to meet on June 14th to decide its next course of action on interest rates, which currently sit at 5% to 5.25%, the highest since 2006.
CME FedWatch Tool He sees a 37% chance that the central bank will keep rates unchanged in June and a 63% chance that it will raise rates by another 25 basis points, up from 25.7% on May 22.
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