Bitcoin and Ether fell on Wednesday morning in Asia, along with other top 10 non-stablecoin cryptocurrencies by market capitalization. Polygon’s MATIC led the losers, while Cardano’s ADA also dipped on news Binance will axe perpetual contracts for the two tokens. Elsewhere, the Forkast 500 NFT index moved down, although changes in trading habits have market analysts predicting good times ahead. In the U.S., stock futures steadied after a rocky Tuesday. Stronger than expected sales data left investors fearing the Fed’s rate hiking cycle may continue. Ratings agency Fitch dampened investor sentiment further by suggesting it could downgrade a number of major U.S. banks.
Crypto down
Bitcoin fell 0.85% in the last 24 hours to US$29,169.14 as of 07:00 a.m. in Hong Kong, and logged a weekly gain of 1.99%, according to CoinMarketCap data. The world’s leading cryptocurrency has traded below US$30,000 since last Wednesday.
Cryptos took a hit Tuesday as the three major U.S. exchanges posted losses.
“It’s a tough day for many as both crypto and traditional finance are seeing red. We have seen this before, where cryptocurrency markets mirror what we see with the Nasdaq, down 1.14%,” said Caroline Bowler, chief executive officer of Australian exchange BTC Markets.
“These data points are not helped by the lack of liquidity, as we sit in the doldrums so far in August,” she added.
Bowler noted that Bitcoin has, however, been range bound for the last two months, sustaining one-year highs.
“There is a lot more to come for this asset class,” said Bowler.
Meanwhile, Alex Kuptsikevich, senior market analyst at London-based online brokerage FxPro, was more bearish in his outlook.
“Despite the intraday fluctuations, the daily candles close near their opening levels, indicating a lack of direction and conviction,” he Kuptsikevich.
“This usually precedes a sharp move and for now, we see more downside risk, with a potential drop to $28K in the near term,” Kuptsikevich added.
Elsewhere, Ether lost 0.95% to US$1,826.79, falling 1.63% in the past seven days. Similarly, all other top 10 non-stablecoin cryptocurrencies were in decline with the losses led by Polygon’s MATIC. The token lost 6.72% to US$0.6338 on Wednesday morning, dropping 7.43% for the week.
Solana’ SOL dipped 5.08% to US$23.84 for a weekly loss of 1.08%. Cardano’s ADA token also dropped 3.13% to US$0.2817, logging a 5.95% weekly decline.
The ADA and MATIC losses came after Binance, the world’s largest cryptocurrency exchange by trade volume, announced it will delist perpetual contracts for the two cryptos from Thursday.
In June, the U.S. Securities and Exchange Commission (SEC) labeled both MATIC and ADA as financial securities in its lawsuits against Binance.US and Coinbase. Binance CEO Changpeng Zhao and Binance itself were charged with manipulating trading volumes on the platform and diverting customer funds.
On Monday, Binance filed a protective court order against the SEC seeking to limit the agency’s “overbroad” requests for information.
The total crypto market capitalization moved down 1.32% in the past 24 hours to US$1.16 trillion, while trading volume rose 3.48% to US$29.71 billion.
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- Source: https://forkast.news/cryptos-decline-wall-street-losses-fed-speculation/
