Bitcoin and Ether Prices Dip – The majority of the top 10 non-stablecoin cryptocurrencies traded lower after a week that was disrupted by U.S. regulators’ litigation against Binance, the largest cryptocurrency exchange in the world, for allegedly breaking trading regulations.
Bitcoin fell on Monday morning trading in Asia but continued to trade above the US$28,000 resistance level. U.S. stocks rose on Friday as the Federal Reserve’s favorite inflation gauge suggested that the economy was slowing and that the Fed’s tightening cycle may be coming to an end.
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The total market value of cryptocurrencies fell 1.10% to US$1.17 trillion. To reach US$31.79 billion over the last 24 hours, the total trade volume grew by 2.96%.
Bitcoin and Ether Prices Dip
According to data from CoinMarketCap, Bitcoin, the most popular cryptocurrency in the world, fell 0.93% to US$28,111 in the 24 hours leading up to 9:00 a.m. in Hong Kong, adding 0.35% over the previous seven days. Following the U.S. Commodities Futures Trading Commission’s action against Binance, Bitcoin dropped to a low of US$26,677 last Tuesday. Since then, it has recovered more than 5.37%.
Although it traded up 0.61% for the week, Ethereum fell 1.27% to US$1,790. The Shanghai hard fork of the Ethereum network is slated for April 12 and will include a modification that will enable investors to withdraw their staked ETH for the first time.
Dogecoin turned out to be the worst performer over the preceding day, falling 5.92% to trade at US$0.07871, but it had gained 5.67% over the previous week. Elon Musk, the CEO of Tesla, is requesting the dismissal of a US$258 billion price manipulation lawsuit, according to Reuters on Saturday. Musk’s tweets have been credited with moving meme cryptocurrency prices.
XRP increased by 3.06% to US$0.5192, a gain of 15.57% for the week. The rising hope that Ripple Labs, whose cryptocurrency payment network is powered by XRP, would settle its legal dispute with the U.S. Securities and Exchange Commission (SEC), which accused the company and its executives of violating securities laws, is what is driving the price increase of XRP.
As of 9:00 a.m. in Hong Kong, the Forkast 500 NFT index, which measures the non-fungible token (NFT) market, increased 0.37% to 4,067.30, gaining 0.85% for the week. The index, which includes 500 valid smart contracts on any given day, serves as a proxied indicator of the performance of the worldwide NFT market. The data division of Forkast Laboratories, CryptoSlam, oversees it.