Bitcoin fell slightly on Monday morning in Asia, after hovering around the $29,380 level all weekend. Ether and most of the other 10 volatile cryptocurrencies in terms of market capitalization have not changed much. The exceptions were Dogecoin, which experienced a significant decline, and Shiba Inu. The dog-themed memecoin rose ahead of the upcoming layer-2 network launch. Elsewhere, the Forkast 500 NFT Index is down after a week of green ink, while risk sentiment in US stocks has improved as traders assess the latest inflation data. Investors are now awaiting a slew of earnings reports throughout the week.
Shiba Inu cracks the top 10 list of unstable cryptocurrencies
Bitcoin fell 0.10% in the past 24 hours to $29,375.75 as of 5:45 am in Hong Kong, but added 0.96% for the week, according to CoinMarketCap. data. The world’s largest cryptocurrency has been hovering around the same price level all weekend.
Ether rose 0.11% to $1,849.50, posting a weekly gain of 1.00%.
Analysts continue to anticipate a market bullish ahead of various US enforcement rulings for spot foreign exchange exchange funds (ETFs).
In June 2023, Black stone A number of major US financial institutions have submitted applications to the US Securities and Exchange Commission (SEC) to set up bitcoin ETFs. The SEC has previously denied several spot Bitcoin ETF applications, citing concerns about market manipulation and volatility. However, the recent rush of orders has raised hopes that investors will soon see a Bitcoin ETF.
The Securities and Exchange Commission is expected to announce its decision Ark Investment Spot Bitcoin ETF app on August 13th Friday deposit that it would solicit public comment on the ETF proposal, effectively pushing back the deadline.
“Although the chances of imminent ETF-related news are slim, any announcement is likely to have a more pronounced impact on BTC than on ETH,” said Luuk Strijers, Commercial Director of Panama-based cryptocurrency derivatives exchange Deribit.
“We are seeing a slight uptick in BTC, especially against ETH. A possible catalyst for this could be the looming ETF news in the shorter term and the impact of the halving in the longer term.”
The next Bitcoin halving event is expected to take place in April 2024. The new halving event will see the issuance of new Bitcoin. cut in halfwhich increases its rarity. This is widely expected to result in a rise in the price of the token.
The 10 other volatile cryptocurrencies were largely flat Monday morning, with the exception of memecoins Dogecoin and Shiba Inu.
While Dogecoin fell 2.11% to $0.07524, down 0.25% in the past seven days, Shiba Inu memecoin briefly broke into CoinMarketCap’s top 10 cryptocurrency list over the weekend. It pushed Polkadot’s DOT to 11th place by market capitalization. The meme token then fell by 3.01% to $0.00001042 over the past 24 hours, but still posted an 11% gain for the week.
The developers behind Shiba Inu are expected to launch its Layer 2 network, Shibarium, at an unspecified date in the near future. The update aims to provide self-sovereign identity (SSI) protocols to improve user security, according to shiba inu Blog post uploaded August 6th.
The total market capitalization of cryptocurrencies grew by 0.09% over the past 24 hours to $1.17 trillion, while the trading volume also increased by 7.08% to $17.82 billion.
DeGods unveils artwork for Season 3
The indices are proxy measures of the performance of the global NFT market. administered by cryptoslamwhich is a sister company of Forkast.News under the Forkast.Labs umbrella.
The main Forkast 500 NFT Index is down 0.52% over the past 24 hours at 2,480.44 as of 06:45 AM in Hong Kong. However, it posted a gain of 0.95% for the week. Meanwhile, Forkast’s Ethereum NFT posted gains, while Polygon, Cardano, and Solana NFTs showed losses.
Total NFT trading volume decreased by 5.35% in the last 24 hours to more than $13.92 million, according to data from cryptoslam.
Sales volume on Ethereum, the largest NFT network, decreased by 1.75% to $8.63 million. Solana and Polygon, which took the second and third place in Cryptoslam’s NFT blockchain ranking, also recorded losses.
In terms of NFT pools, trade volume in Ethereum-based DeGods increased by 133.20% to $1 million. This came after the launch of her “Third Season” digital art collection on Sunday. The update features a more minimalist, pop-inspired style.
“I expect (trading volume) to go up quite a bit, honestly, I think the reception to the artwork has been rather great,” said Yehuda Beecher, NFT strategist at Forkast Labs, adding that the collection’s release had been delayed due to updates for female avatars.
“Let’s watch over the next couple of days, and see how the community and NFT collectors navigate this artwork and how they deal with delays,” he said.
NFT staple Bored Ape Yacht Club added 2.90% to $903,726, ranking second on CryptoSlam Group.
Meanwhile, FC Barcelona announce The announcement last Friday confirmed that it had secured around $132 million from global investment holding company Libero Football Finance AG and European investment firm Nipa Capital BV, and the investment will be used to expand the club’s NFT and metaverse initiatives.
China’s scourge affects global markets
US stock futures were down as of 11:00 am in Hong Kong Monday morning after the three major indexes closed mixed on Friday. The main Asian stock indices – China’s Shanghai Composite, Hong Kong’s Hang Seng, Japan’s Nikkei and South Korea’s Kospi – posted losses during Monday morning trading.
Global markets continue to process last week’s release of bearish economic data from China. Consumer prices were for the month of July under The previous year, while the annual July export data as well He falls sharper than expected. Investors are now awaiting China’s national retail sales and industrial production data – due for release on Tuesday – for more potential clues deflation.
At a fundraiser in Utah on Thursday, US President Joe Biden appeared to fan the flames of Sino-US tensions by pointing to China’s reported economic woes. Chinese economy, is He said“Time Bomb” and “In Trouble”.
In the US, Friday’s release of the latest data on the producer price index — a key inflation indicator that tracks selling prices received by domestic producers of goods and services — marked an increase for the month of July. Up 0.3%, just above 0.2% weather forecast by analysts.
Despite this rally, the general expectation is that the US Federal Reserve will halt the cycle of rate hikes when it next meets in September. However, some market analysts continue to sound a note of caution, warning that the rallies could continue until inflation slows to the Fed’s 2% target.
“Unfortunately, I don’t think the picture on any of this will be clear for at least two quarters, despite the fact that inflation has been falling to the Fed for some time, for now,” Jonathan Millar, chief economist at London-based financial group Barclays Capital , Tell bloomberg.
“The Fed appears to be ahead of the markets in recognizing that the path to a soft landing is far from guaranteed,” Miller added.
The Federal Reserve meets on September 19 to take the next step on interest rates, which now range between 5.25% and 5.50%, the highest level in the past 22 years. Analysts at CME FedWatch Tool expect there will be an 88.5% chance of no rate hike in September, down from 89.0% last Friday.
Investors are now awaiting more expected earnings reports later this week, including quarterly results from US retail leaders including Walmart, Home Depot and Target.
(Updates adding stock section)