Top 10 crypto fall as Blockfi enters bankruptcy, macroeconomic concerns spread

Please fol­low and like us:
Pin Share

Bit­coin and Ether fell in Tues­day morn­ing trad­ing in Asia as U.S.-based cryp­to lender Block­fi filed for bank­rupt­cy overnight in what is seen as anoth­er casu­al­ty of the col­lapse of the FTX exchange this month. All oth­er non-sta­ble­coin top 10 cryp­tocur­ren­cies by mar­ket cap­i­tal­iza­tion fell in a week that began with glob­al cap­i­tal mar­kets rat­tled by protests in Chi­na against zero-Covid poli­cies. BNB had the biggest drop, while Solana was sec­ond, falling out of the top 10 list altogether.

See relat­ed arti­cle: Bit­coin price fol­lows slide in Asia equi­ty mar­kets amid grow­ing Chi­na protests against Covid-19 lockdowns

Fast facts

  • Bit­coin fell 1.4% to US$16,213 in the 24 hours to 8 a.m. in Hong Kong, while Ether dropped 2.2% to trade at US$1,169, accord­ing to Coin­Mar­ket­Cap.
  • BNB, a token backed by Binance Glob­al Inc, the world’s biggest cryp­tocur­ren­cy exchange, fell 5.2% to US$292.91.
  • BNB had jumped after Binance released proof of its reserves on Fri­day amid a push for greater trans­paren­cy in the indus­try fol­low­ing the col­lapse of Bahamas-based cryp­tocur­ren­cy exchange, FTX.com. How­ev­er, Jesse Pow­ell, cofounder and CEO of rival cryp­to exchange Krak­en, tweet­ed on Sat­ur­day that Binance’s state­ment of assets was “point­less” with­out show­ing liabilities.
  • Solana dropped 5% to change hands at US$13.40 as it was over­tak­en on CoinMarketCap’s top 10 list by Tron and the meme token, Shi­ba Inu.
  • U.S. equi­ties had their worst day of trad­ing in near­ly three weeks on Mon­day fol­low­ing the protests in Chi­na as well as hawk­ish sen­ti­ment out of the U.S. Fed­er­al Reserve regard­ing inter­est rates and a pos­si­ble loom­ing rail strike in the U.S.
  • The protests across uni­ver­si­ties and at least eight cities in Chi­na erupt­ed on Fri­day fol­low­ing a fire that claimed the lives of at least 10 peo­ple in an apart­ment build­ing in Urumqi in the north-west­ern region of Xin­jiang. Many peo­ple were report­ed­ly locked inside their homes due to China’s zero-covid pol­i­cy and unable to escape.
  • China’s police came out in force on Mon­day to try and pre­vent fur­ther protests, erect­ing bar­ri­ers in cities where demon­stra­tions were held and arrest­ing peo­ple, accord­ing to media reports.
  • The Dow Jones Indus­tri­al Aver­age fell 1.5%, the S&P 500 Index dropped 1.5% and the Nas­daq Com­pos­ite Index end­ed the day 1.6% lower.
  • Unem­ploy­ment in the U.S. could reach as high as 5% in 2023, up from the cur­rent 3.7%, as the Fed’s cam­paign to tame near-four-decade high infla­tion slows the econ­o­my, John Williams, pres­i­dent of the New York Fed, said in a vir­tu­al speech to the Eco­nom­ics Club of New York on Mon­day. Williams pre­dict­ed that infla­tion would remain at rough­ly 5% for the rest of this year before set­tling back to 3% to 3.5% by the end of 2023.
  • The Fed has been rais­ing inter­est rates since March this year to try to slow infla­tion, rais­ing them from near zero to a 15-year high of 3.75% to 4%, and have sig­naled that rates may end up exceed­ing 5%. The Fed has sig­naled that it will con­tin­ue to raise rates until infla­tion reach­es a tar­get range of 2%. The con­sumer price index showed infla­tion was run­ning at 7.7% in Octo­ber, down from 8.2% in September.
  • U.S. Pres­i­dent Joe Biden asked Con­gress on Mon­day to inter­vene in a rail­road strike which he said would “dev­as­tate our economy.”

See relat­ed arti­cle: NFT images of anti-lock­down protests in Chi­na flood OpenSea



Source link

Please fol­low and like us:
Pin Share

Leave a Reply

Your email address will not be published. Required fields are marked *