Bitcoin is down to nearly $28,000; Ether flat
Bitcoin retreated to $28,000 in Asia. Dogecoin led the losers.
The retreat comes amid growing fears about the direction of the U.S. economy. US regulatory confusion regarding cryptocurrencies is another blow, prompting Coinbase, the biggest US-based crypto exchange, to reveal its relocation plans. Asian markets experienced mixed trade after Wall Street’s Thursday session. US equity futures were sold off, likely due to increasing fears of a looming recession and the possibility of raising interest rates.
Ether was the only top 10 volatile token to gain in the last 24 hours, but it was trading at $1,952, up 0.17%. The token lost 7.15% in the last seven days. Ethereum Name Services, a digital identity protocol, is partnering with the crypto payment platform Moonpay.
Dogecoin led the losers, retreating 7.64% to $0.08447 for a weekly loss of 4.56%.
Cryptocurrencies will face potential volatility in the U.S. and E.U. economies and the prospect of higher interest rates. Both economies may continue to pull back growth, which will help complicate investor sentiment and worsen risk appetite, particularly among institutional investors.
Coinbase announced that it had obtained a license to operate in Bermuda.
Total crypto market capitalization and NFTs
The total capitalization of the crypto market fell by 1.36% in the last 24 hours to 1.22 trillion USD. The total traded volume retreated by 16.18% in the last 24 hours to USD 52.29 billion.
In the NFT market, the Forkast 500 NFT Index retreated 1.74% over the 24 hours to settle at 3962.26 in Hong Kong, down 1.24% for the week. The index indicates the general state of the NFT market, featuring 500 qualified contracts every day.
NFT trading has retreated due to rising gas taxes on the Ethereum blockchain, which can be partially attributed to the hype surrounding the PepeCoin meme.