Bitcoin dipped in Asian trading Monday morning (April 3rd) but remained above the $28,000 resistance level. Most other top-10 non-stablecoin cryptocurrencies traded lower after a week of being unsettled by U.S. regulators’ legal battle against Binance, the world’s largest crypto exchange, over alleged trading rule violations. Bitcoin’s total crypto market capitalization fell 1.10% to $1.17 trillion in the last 24 hours, and total trading volume rose 2.96% to $31.79 billion in the last 24 hours.
Bitcoin fell 0.93% to $28,111 in Hong Kong in the 24 hours to 9:00 a.m. and gained 0.35% in the last seven days, according to CoinMarketCap data. Bitcoin, the world’s largest cryptocurrency fell to a low of $26,677 last Tuesday after the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and has recovered over 5.37% from that point.
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Bitcoin was not the only crypto to register losses
Ethereum fell 1.27% to $1,790 but traded 0.61% higher for the week. The Ethereum blockchain’s Shanghai Hard Fork, which includes an update allowing investors to withdraw their deployed 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 last 24 hours, trading at $0.07871, but holding a weekly gain of 5.67%. Elon Musk, CEO of Tesla, whose tweets have caused price movements of the meme coin, is reportedly trying to dismiss a $258 billion price manipulation lawsuit.
XRP rose 3.06% to $0.5192, representing a weekly gain of 15.57%. Behind XRP’s rally is growing optimism that Ripple Labs, whose crypto payment platform is based on XRP, would end its ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC) accusing the company and its executives of violating securities laws. Brad Garlinghouse, CEO of Ripple Labs, called on U.S. officials to take note of the SEC’s enforcement action on Twitter last Friday. SEC Chairman Gary Gensler requested $2.4 billion in funding from Congress last Wednesday to step up the agency’s crackdown on cryptocurrency misconduct.
In the non-fungible token (NFT) market, the Forkast 500 NFT Index rose 0.37% to 4,067.30 at 09:00 in Hong Kong, up 0.85% for the week. The index is a proxy measure of the performance of the global NFT market, covering 500 eligible smart contracts on a 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 posted a weekly gain of 5.07%, following the migration of DeGods, a Solana-based NFT collection, to the Ethereum blockchain. NFT trading activity increased as investors expected the price of DeGods to rise on Ethereum, as was the case with Y00ts, a collection that began migrating to Polygon early last week.
U.S. stocks closed higher on Friday. The Dow Jones Industrial Average was up 1.26%, the S&P 500 was up 1.44% and the Nasdaq Composite Index was up 1.74%
In February, the price index of U.S. consumer spending excluding food and energy rose only 0.3%, less than the expected 0.4%. This suggests a slowdown in inflation and could potentially offset the Federal Reserve’s penchant for more aggressive rate hikes, which recently rose to the highest level since 2007 at 4.75% to 5%.
New York Fed President John Williams forecast a decline in the annual U.S. inflation rate to 3.25% by 2023 and below the Fed’s long-term target of 2% over the next two years, prioritizing price stability despite turmoil in the banking system. CME Group analysts have mixed views on the Fed’s upcoming rate decision, due to be announced on May 3, with 50.4% expecting no rate hike and 49.6% expecting a 25 basis point increase.
As investors await a slew of U.S. economic data this week, including Monday’s manufacturing purchasing managers’ index, U.S. stock futures traded mixed as of 9:00 a.m. in Hong Kong. Futures on the Dow Jones Industrial Average rose 0.10%, futures on the S&P 500 fell 0.24% and the Nasdaq Composite Index fell 0.63%.
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First published in COIN KURIER, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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