Bitcoin rise on day, most top 10 cryptos drop

Bit­coin rose while Ether and most of the oth­er top 10 non-sta­ble­coin cryp­tocur­ren­cies fell dur­ing after­noon trad­ing in Asia on Mon­day. U.S. and Euro­pean equi­ties strength­ened while Asian equi­ties were mixed, after the Inter­na­tion­al Mon­e­tary Fund (IMF) warned of poten­tial finan­cial sta­bil­i­ty risks in the wake of the bank­ing tur­moil. U.S. investors saw some relief after North Car­oli­na-based First Cit­i­zens Banc­Shares bought all the loans of failed Sil­i­con Val­ley Bank.

See relat­ed arti­cle: Cryp­tocur­ren­cies bounce back despite fed rate hike

Fast facts

• Bit­coin rose 1.01% to US$27,806 in the 24 hours to 4:00 p.m. in Hong Kong. The world’s first cryp­tocur­ren­cy hov­ered around US$28,000 for most of last week, amid loom­ing con­cerns of a poten­tial bank­ing crisis.
• Ether fell 0.12% to US$1,752 in the same time­frame, mak­ing for a week­ly drop of 2.48%.
• Bit­coin saw the day’s biggest gains, fol­lowed by Binance’s BNB token that rose 0.62% to change hands at US$326.24. Cardano’s ADA saw the biggest drop, as it fell 1.81% to US$0.35.
• The glob­al cryp­tocur­ren­cy mar­ket cap­i­tal­iza­tion increased by 0.32% to US$1.16 tril­lion in the 24 hours to 4 p.m. in Hong Kong, with total cryp­to mar­ket trad­ing vol­ume up by 6.93% to US$33.32 billion.
• The Forkast 500 NFT index fell 1.49% to 4,021.44 points, los­ing 2.68% dur­ing the week. The index is a proxy mea­sure of the per­for­mance of the glob­al NFT mar­ket and includes 500 eli­gi­ble smart con­tracts on any giv­en day.
• U.S. investor con­cerns over a bank­ing cri­sis par­tial­ly eased after First Cit­i­zens Banc­Shares, the par­ent com­pa­ny of First Cit­i­zens Bank, bought all the loans and deposits of failed Sil­i­con Val­ley Bank, result­ing in a 0.56% gain for the S&P 500.
• Asian equi­ties were mixed on Mon­day, after the IMF’s man­ag­ing direc­tor Kristali­na Georgie­va warned on Sun­day that finan­cial sta­bil­i­ty risks have increased after a bank­ing sec­tor cri­sis in the U.S. and Europe ear­li­er this month. Georgie­va also said that glob­al growth would slow to just 3% this year due to war in Ukraine, Covid-19 relat­ed restric­tions and mon­e­tary pol­i­cy tight­en­ing to tack­le sticky inflation. 
• The Shang­hai Com­pos­ite slid 0.44% while the Shen­zhen Com­po­nent Index inched up 0.12%. Japan’s Nikkei 225 rose 0.33% and Hong Kong’s Hang Seng index dropped 1.75%.
• Euro­pean bours­es saw a rebound after a steep sell-off last week, led by gains in the bank­ing sec­tor. The bench­mark STOXX 600 rose 0.97% and Germany’s DAX 40 gained 1.11%.
• Gold fell 0.45% to US$1,968 an ounce on Mon­day, after test­ing the US$2,000 mark mul­ti­ple times last week. The U.S. dol­lar is strug­gling to recov­er from a sev­en-week low, after St. Louis Fed Pres­i­dent James Bullard clar­i­fied last Fri­day that the U.S. cen­tral bank is plan­ning fur­ther mon­e­tary tightening.

See relat­ed arti­cle: What impact will Ethereum’s Shang­hai upgrade have on ETH and cryp­to markets?