On Friday afternoon in Asia, the price of bitcoin climbed above US$26,500. Except for Binance Coin (BNB), the native token of the largest cryptocurrency exchange in the world, Ether and the other top 10 non-stablecoin cryptocurrencies all saw price increases. Gains were led by Tron and Toncoin.
Gains on the cryptocurrency market continue
According to data provided by CoinMarketCap, the price of bitcoin increased by 0.87% in the last 24 hours to reach US$26,569 and by 1.24% over the course of the week. The market value of the most valuable cryptocurrency in the world increased by 1.46%, reaching US$519.22 billion, but the volume decreased by 8.81%.
There is a possibility that we are about to see a huge increase in prices. In my opinion, the price of one bitcoin might reach 28,660 dollars. According to Rania Gule, a market analyst at the multi-asset brokerage business XS.com, “With the continuous evolution of the cryptocurrency market, it’s not surprising that all eyes may turn towards Bitcoin’s ascent to the level of US$28,660” as Bitcoin’s price continues to rise.
“However, despite the fact that the price of Bitcoin is displaying indications of increasing strength, the general trend on the price chart will continue to be negative so long as the price is located below the resistance level of US$29,500. “A significant upward movement for Bitcoin is unlikely unless this trend is able to reverse itself,” Gule stated in a message that was sent out through email on Friday.
Ether, the second-most valuable cryptocurrency in the world, increased in value by 0.42%, bringing its price to $1,627 US dollars; however, it is still down 1.08% on the week.
The greatest increase came from Tron, which saw its price climb 3.4% to US$0.08395 in the past twenty-four hours and 6.06% in the past week. This was subsequently followed by tonnecoin, which increased in value by 3.1% to US$1.94 and gained 9.15% over the course of the week.
The announcement that Deutsche Bank, a German financial institution that had total assets worth $1.4 trillion at the end of 2022, will launch custody services for cryptocurrencies and tokenized assets of institutional customers in partnership with the Swiss fintech firm Taurus provided a boost to the cryptocurrency market on Thursday. The press release stated that Deutsche Bank would work with Taurus to provide these services.
Because it is anticipated that the digital asset market will contain assets worth trillions of dollars, it will undoubtedly be regarded as one of the top objectives by investors as well as organisations. As a result, custodians need to begin adjusting in order to provide adequate support for their customers, as stated by Paul Maley, global head of securities services at Deutsche Bank, in the release.
The native token of the largest cryptocurrency exchange, BNB, was the only one to suffer losses in the past 24 hours, falling 0.03% to US$212. This brings its weekly losses to 2.23%. Binance U.S.’s chief executive officer, Brian Shroder, resigned from his position as the firm made layoffs that affected one-third of its workforce, or more than 100 workers. It is anticipated that the restructuring will provide Binance.US with a financial runway of more than seven years. Additionally, Binance U.S. has been dealing with escalating regulatory issues in the country, and the Securities and Exchange Commission (SEC) recently filed a lawsuit against it for allegedly breaking securities mandates.
In the last day and a half, the total market capitalization of cryptocurrencies went up by 0.76% to $1.05 trillion US dollars, while market volume went down by 4.18% to $26.72 billion US dollars.
The NFT market drops.
The indices serve as stand-ins for direct measurements of how well the global NFT market is doing. CryptoSlam, a subsidiary of Forkast.News that operates under the aegis of Forkast.Labs, is in charge of their management.
In the 24 hours leading up to 7 p.m. local time in Hong Kong, the Forkast 500 NFT index experienced a decline of 0.03%, bringing its weekly losses to 4.49%.
Additionally, Forkast’s Ethereum index went down, while the Solana and Polygon indices were up.
According to the data provided by CryptoSlam, the total volume of NFT sales fell by 13.48% to reach $12.06 million, while the volume of NFT purchases rose by 5.93% to reach $48,312.
Even though its value fell by 21.03% to US$5.93 million in the last 24 hours, the Ethereum network maintained its position as the leader among blockchains. The blockchains associated with Mythos and Polygon came in second and third, respectively.
DMarket, which is based on the Mythos, came out on top among collections, but its value decreased by 1.07% to $1.38 million.
Stoner Cats 2 NFTs and the web series that accompanied it were hit with a fine of one million dollars by the Securities and Exchange Commission (SEC) after they were found guilty of offering and selling unregistered securities as NFTs.
Stoner Cats 2 has acknowledged the cease-and-desist order issued by the regulatory body and has consented to the one million-dollar civil penalty.
The stock futures in Asia and the United States trade in a range, while the bourses in Europe are up.
On Friday, major Asian markets exhibited a range of emotions. The Shanghai Composite and the Shenzhen Component Index both experienced losses in China. At the close of trading for the day, gains were made on the Kospi in South Korea, the Hang Seng in Hong Kong, and the Nikkei 225 in Japan.
The year-on-year increase in China’s industrial production was 4.5% in August, compared to a 3.7% increase in July and exceeding analysts’ estimates of 3.9% growth. After the world’s second-largest economy unveiled a series of measures to aid economic recovery, this was also the strongest expansion in industrial output since April. In the meantime, retail sales in China increased by 4.6% year over year in August, which was significantly more than the market’s estimates of a gain of 3%.
For the second time this year, China’s central bank reduced the reserve requirement ratio by 25 basis points, which means that lenders are required to retain in reserve a lesser amount of cash than before. This reduction was announced on Thursday. Those individuals who have already adopted a 5% reserve ratio are exempt from this requirement.
As of 7.30 p.m. local time on Friday in Hong Kong, U.S. stock futures showed a mixed performance. Futures contracts for the Dow Jones Industrial Average and the S&P 500 both advanced, while futures contracts for the Nasdaq 100 declined.
Retail sales in the United States increased by 0.6% month over month in August, exceeding the 0.2% increase that analysts had anticipated.
However, the unexpected increase in retail sales was mostly attributable to the sharp increase in oil prices, as evidenced by the month-over-month increase in revenues at gasoline stations. According to data released by Bloomberg on Thursday, retail sales excluding gasoline inched up 0.2% in August, marking a slowdown from the 0.5% increase recorded in July and ranking among the lowest levels recorded this year.
The major European stock market index, the STOXX 600, as well as Germany’s DAX 40, both increased in value on Friday afternoon in Europe. On Thursday, the European Central Bank (ECB) raised interest rates by 25 basis points, bringing the total to a new all-time high of 4%. This marked the 10th consecutive increase in rates. The goal of the central bank is to keep inflation at or below 2%, and it has been working hard to achieve this.