Bitcoin, Ether coincides with most cryptos; US futures strengthen as April inflation eases
Bitcoin and Ether fell during Thursday afternoon trading in Asia, along with most of the 10 non-stablecoin cryptocurrencies by market capitalization, with Polygon’s Matic leading losses for a second straight session. Asian stocks were mixed after China’s consumer price index report. US stock futures strengthened, along with the US dollar, after consumer inflation in the world’s largest economy unexpectedly eased in April.
See related article: Central Banks’ Actions Move Crypto; Standard Chartered eyes $100K Bitcoin
Crypto markets are mixed as Bitcoin trades above USD 27,000
Bitcoin fell 0.58% to US$27,423 in the 24 hours to 16:30 in Hong Kong, according to CoinMarketCap data. The world’s first cryptocurrency tried to break above $30,000 on Saturday but failed to close at $29.81.
Ether fell 1.02% in the last 24 hours to trade at $1,820. Ether briefly fell as low as US$1,797 during yesterday’s trading session, before regaining the psychological level of US$1,800.
“Crypto has drastically improved its credibility in recent years, but with the recent events in FTX and Celsius, it has taken a big step back,” said Kasper Vandeloock, CEO of quantitative trading firm Musca Capital. “I see that many traditional investors are interested in crypto, but they are holding back because they fear new regulations.”
Polygon’s Matic token led the losses for the second day in a row, falling 1.91% to $0.8569, followed by Dogecoin, down 1.52% to $0.0718.
Polkadot’s DOT token was the biggest daily gainer, up 1.44% in the last 24 hours to $5.39.
NFT’s sell on Ethereum boosted by Milady Maker
In the NFT market, the Forkast 500 NFT index fell 0.45% to 3,436.60 points in the 24 hours to 16:30 in Hong Kong and fell 6.11% for the week.
24-hour NFT sales on Ethereum increased 69.58% to $33.9 million. The largest blockchain for NFTs was boosted by the Milday Maker NFT collection, which saw a 2,606% increase, generating over $9.6 million in sales in the last 24 hours for the network. The rally started to pick up yesterday after Tesla CEO Elon Musk posted a meme of a Milady NFT on his verified Twitter account.
Sales for Bored Ape Yacht Club also increased by 283.16% to over $6 million, while sales for Mutant Ape Yacht Club increased by 482.14% to $4.2 million.
Looking at the biggest NFT transactions of the day, CryptoPunk #5969 sold for USD 128,824 and CryptoPunk #9026 sold for USD 122,138.
Asian stocks mixed; US futures boosted by easing inflation
Asian shares were mixed on Thursday as investors digested China’s consumer price index data, which rose 0.1% in April year-on-year, the slowest increase since early 2021. China’s core inflation, excluding food and energy, held steady at 0.7 % this year. -in years.
The Shanghai Composite fell 0.29% and Hong Kong’s Hang Seng Index fell 0.093%. The Shenzhen Component Index rose 0.021% and Japan’s Nikkei 225 rose 0.016%.
US stock futures gained as of 4:30 pm in Hong Kong, after the recently released consumer price index report showed that headline inflation unexpectedly eased in April, raising expectations that the Federal Reserve could halt interest rate hikes next month. Annual US inflation eased to 4.9% in April, from 5% in March, while the consumer price index rose 0.4% in April.
The S&P 500 futures index rose 0.27%, the tech-heavy Nasdaq 100 futures rose 0.28% and the Dow Jones Industrial Average futures rose 0.1%.
Buoyed by the slowing inflation numbers, the US dollar index rose 0.42% to 101.9 points, while the euro lost ground, falling 0.49% to $1.09, its lowest in three weeks.
In talks to raise the U.S. debt ceiling to keep the nation solvent, President Joe Biden warned Wednesday that a federal government default could trigger a global recession, according to a Bloomberg report. Biden is set to resume talks to raise the debt ceiling on Friday, with congressional Republicans demanding more budget cuts in any deal.
In other data releases, the US producer price index and jobless claims are out on Thursday to provide further insight into the health of the economy.
Investors are now looking ahead to the Bank of England’s upcoming monetary policy decision scheduled for today. The central bank is expected to raise interest rates by 25 basis points to 4.5%, pushing borrowing costs to levels not seen since 2008, raising concerns among economists.
See related article: Crypto and NFT Market Update – May 10
