Bitcoin, Ether, top 10 cryptos fall; SEC Accepts Valkyrie’s Bitcoin Spot ETF for Review

Bitcoin and Ether fell Tuesday afternoon in Hong Kong, along with all the other top 10 non-stable cryptocurrencies by market capitalization. Both Bitcoin and Ether fell below key price levels earlier, but climbed back above as investors remained bullish after the U.S. Securities and Exchange Commission (SEC) accepted the second request for funds. exchange-traded (ETF) Bitcoin for review, from asset manager Valkyrie.

See related article: Weekly Market Wrap: Bitcoin Surpasses US$31,000, Cryptos Rally After Ripple Win Against US SEC

Bitcoin, Ether, top 10 drop cryptos

Bitcoin slid during the trading day in Asia to US$30,067 as of 4:30 p.m. in Hong Kong, after falling to US$29,685 early in the morning.

Ether edged down 0.47% during afternoon trading in Asia, to change hands at US$1,904. Mirroring Bitcoin’s price movement, Ether also fell to US$1,875 earlier in the day before recovering to US$1,900.

The Solana token was the biggest loser of the day, dropping 5.9% in the past 24 hours to US$25.96, followed by Dogecoin which was down 3.06% to US$0.06909.

Within a week, the SEC accepted a second Bitcoin ETF application for review, from asset management giant Valkyrie. The news comes after the SEC on July 13 accepted asset manager BlackRock’s request for a spot Bitcoin ETF for review. This signals the SEC’s intention to seriously consider ETF applications.

“Positive news about Bitcoin ETFs could significantly boost investor sentiment,” said Jonas Betz, crypto market analyst and founder of advisory firm Betz Crypto. Forkast.

“Approval of a Bitcoin ETF would be a major step towards mainstream acceptance of Bitcoin, signaling regulatory confidence and potentially paving the way for significant institutional investment. News like this could trigger a bullish market reaction, pushing the price of Bitcoin above US$31,000.

Total crypto market capitalization in the past 24 hours fell 1.36% to US$1.2 trillion while market volume increased 39.87% to US$36.31 billion, according to data from CoinMarketCap.

Bitcoin NFT Sales Drop, Ethereum NFT Sales Recover

The Forkast 500 NFT index fell 0.22% to 2,717.04 points over the 24 hours at 4:30 p.m. in Hong Kong and slipped 0.42% over the week.

After a strong Monday, Bitcoin’s 24-hour non-fungible token sales fell 22.19% to $1.28 million, while unclassified ordinal sales fell 8.03% to 590,582 dollars.

Ethereum’s 24-hour NFT sales rebounded from yesterday’s plunge, rising 8.62% to $13.86 million, as sales of Ethereum’s largest native NFT collection, the Bored Ape Yacht Club, rose 52.75% to $711,081. Last Friday, Yuga Labs, the company behind The Bored Ape Yacht Club NFT Collection, announced that it will be hosting ApeFest, an event to celebrate the company’s NFT collections, in Hong Kong in early November.

On Ethereum, Opepen Edition sales increased 64.07% to US$803,088 and CryptoPunks sales increased 7.33% to US$767,020.

“Opepen traded for over US$727,000 in 24 hours after hitting the NFT community in a big way over the weekend,” said Yehudah Petscher, NFT strategist at Forkast Labs, the parent company of Forkast.News.

“Influencers and even large Web3 entities like OpenSea and Rarible are having fun changing their profile pictures into an Opepen that matches their brand. Opepen is an interesting hybrid project that merges concept art into easy-to-digest profile pictures .

Among the Forkast Labs NFT indices, the Forkast ETH NFT Composite and the Forkast POL NFT Composite were also in the red.

Asian stocks and U.S. equity futures fall after Evergrande’s $81 billion loss

Wall Street signs in Manhattan, New York City

Image: elements.envato

Major Asian stocks weakened from 4:30 p.m. in Hong Kong, with Japan’s Nikkei 225, Shanghai Composite and Hong Kong’s Hang Seng Index all down while the Shenzhen component rose slightly.

Adding to negative investor sentiment, Chinese real estate development giant China Evergrande posted a loss of US$81 billion over the past two years, in its earnings report released on Monday.

US stock futures also fell on Tuesday afternoon in Hong Kong, except for futures on the Dow Jones Industrial Average. The S&P 500 futures index and technology-heavy Nasdaq-100 futures both weakened.

Investors are now eagerly awaiting earnings reports from Bank of America, Morgan Stanley and Lockheed Martin, due later today.

The euro hit a 17-month high, rising 0.11% on Tuesday to US$1.12, its highest since February 2022. Eurozone inflation also fell to a 17-month low on Tuesday. 5.5% in June, as markets expect another interest rate hike from the European Central Bank.

See related article: EU publishes bill on digital euro and cash payments

Updates with the actions section

Leave a Comment