Bitcoin is trading flat after losing US$31,000; Solana wins; Polygon, the BNB lead losers

Bitcoin and Ether were little changed on Wednesday morning in Asia, while the rest of the top 10 non-stable cryptocurrencies were mixed. Bitcoin has fallen back below US$31,000, but its dominance in the total crypto market capitalization is gaining, a sign of market recovery. Solana added to her gains this week, while Polygon’s Matic and BNB tokens topped the list of daily losers. Bitcoin Cash took 12th place in the list of top tokens by market capitalization after its listing on the new exchange EDX Markets.

Crypto Price Break

Bitcoin fell 1.0% in the past 24 hours to settle at US$30,801 as of 7:20 a.m. HK, trimming its weekly gain to 0.39%, according to data from CoinMarketCap. On Tuesday, the price of the world’s largest cryptocurrency hit US$31,371, its highest level since June 2022, on optimism sparked by bitcoin spot exchange-traded fund demands by a series of weights. Wall Street heavyweights, including Blackrock.

Bitcoin’s level of dominance sits at nearly 50%, which is the highest since April 2021. Alex Kuptsikevich, Senior Market Analyst at FxPro, says this upward Bitcoin price trend is a typical pattern of market rally in which the most important asset in the sector attracts buyers. First of all.

“It will likely take about a year of bitcoin price recovery before crypto enthusiasts start looking for one with higher risk, pushing altcoins higher and leading to another wave of capitalization,” Kuptsikevich said, in a press release by e-mail. He said he doesn’t see altcoins rallying until November.

Bitcoin’s recent price rally was sparked by Blackrock, the world’s largest asset manager, which filed an application last month to launch a Bitcoin ETF and re-filed it after the Securities and Exchange Commission (SEC) of the United States indicated that it lacked details.

Several other US-based asset managers, such as Fidelity Investments and WisdomTree, have filed their own Bitcoin ETFs, suggesting that traditional finance recognizes the Bitcoin opportunity and wants to offer clients access to its price movements without actually own the token.

Ether, the second-largest cryptocurrency by market capitalization, looked set to break above US$2,000 this week, but fell 0.81% to US$1,941 today after gaining 2.64 % in the last seven days.

The other top 10 cryptocurrencies by market capitalization traded mixed to flat, with Solana leading the gainer up 2.0% to $19.45. The token surged 15.35% in the past week.

Polygon’s Matic and Binance’s BNB token were among the losers – Matic lost 1.99% to $0.6981, although it was still up 4.29% for the week. BNB lost 1.68% to US$242.83, reducing its weekly gain to 1.81%.

Altcoins have suffered from the SEC’s crackdown on tokens they consider financial securities. Solana, Cardano, Polygon and BNB were among those the regulator named as unregistered securities in its lawsuits against exchanges Coinbase and Binance.US in early June.

While these altcoins have partially recovered from an initial slump following SEC lawsuits, several trading platforms including California-based Robinhood Markets Inc., Israeli-based eToro, and UK-based Revolut have ceased support. or have restricted access to some of these tokens for their US-based customers. .

Bitcoin Cash soared to become the twelfth largest non-stable cryptocurrency by market capitalization on CoinMarketCap at US$53.8 billion. The Bitcoin spin-off is one of four cryptocurrencies listed on EDX Markets, the Wall Street-backed, compliance-focused cryptocurrency exchange that launched on June 20 in the United States.

Bitcoin Cash had a market capitalization of US$20.6 billion and was valued at US$106.34 on June 19. It has since surged 160% to US$276.87. It has fallen 1.70% in the past 24 hours.

Total cryptocurrency market capitalization fell 0.80% to US$1.21 trillion in the past 24 hours, while crypto trading volume fell 22.22% to 31.14 billion US dollars, according to data from CoinMarketCap.

Azuki starts feeling NFT

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.

The Forkast 500 NFT index rose 1.28% in the 24 hours at 07:45 in Hong Kong to 2,783.58, but posted a loss of 3.17% for the week. Both Forkast indices measuring the performance of the Ethereum and Polygon NFT markets rose.

However, despite moderate gains in the indices on Wednesday morning, the NFT market overall remains in a downtrend, said Yehudah Petscher, NFT strategist at Forkast Labs, the parent company of Forkast.News.

“The Forkast 500 NFT Index reflects the drop in selling prices across all collections across all chains, but it’s Ethereum that’s really driving the market with it,” Petscher said, pointing to recent issues with the Azuki NFT collection. .

“Azuki’s struggles infuriated the already struggling market…Azuki’s new Elementals mint was meant to be a boom for NFTs and was instead a bust, becoming a catalyst that drove NFT collections to new heights. historically low.”

Azuki NFT creator Chiru Labs launched their latest Elementals collection last Tuesday, following a lot of backlash from the community, who deemed it nearly identical to the original Azuki collection.

While the team behind Azuki released a public message excuses To buyers on Twitter, disgruntled Azuki holders formed the Azuki DAO last week and voted on Monday to take legal action against Chiru Labs, claiming that the 20,000 ETH ($39 million) the company holds should be returned to the DAO.

LegalDAO, the decentralized autonomous organization formed in 2020 by a group of legal professionals, said Tuesday will help Azuki DAO in his efforts to claim the 20,000 ETH.

According to NFT Collections, Bored Ape Yacht Club topped the trading volume chart on Cryptoslam with US$3 million, but volume was down 18.97% on the day. Mutant Ape Yacht Club, another Ethereum-based collection from Yuga Labs, saw its volume increase by 11.94% to $2.39 million to rank second in the ranking.

Total NFT trading volume fell 9.24% to $31.5 million. Volume on Ethereum fell 9.17% to $22.7 million according to data from Cryptoslam. Volume on the Bitcoin network increased by 3.73% to $3.19 million, while volumes on Polygon, Solana, and BNB all fell.

(updates to add NFT section)

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