Cryptocurrency markets, in Asia, saw a mix of movements with Bitcoin bouncing above the US$30,000 support level before pulling while Ether climbed to US$1,900. Among the 10 cryptocurrencies, the Cardanos ADA token showed gains. The U.S. Investors are preparing for earnings reports. Keeping an eye on the rate hike during the Federal Reserves ‘ day meeting. The SEC’s ruling, on Ripple, is expected to face challenges. NFTs and U.S. Equity futures remained relatively stable in trading. The total market capitalization of cryptocurrencies reached US$1.20 trillion, accompanied by increased trading volume.
Cryptocurrency markets saw mixed movements during early Monday trading in Asia. Bitcoin managed to reclaim the crucial US$30,000 support level before retreating, showing a 1.33% rise to US$30,059 as of 07:30 a.m. in Hong Kong, according to data from CoinMarketCap. Ether, on the other hand, experienced a gain of 1.73% to reach US$1,887.
Despite these gains, both tokens were still trying to recover from losses incurred over the past seven days, with Bitcoin down 0.37% for the week and Ether facing a weekly loss of 1.73%. It’s worth noting that Bitcoin fell back later in the morning.
Nevertheless, other top 10 non-stablecoin cryptocurrencies demonstrated positive movements, with Cardano’s ADA token leading the winners with a substantial 3.01% gain to US$0.3169 and a weekly increase of 0.59%.
Looking ahead, investors in the U.S. can expect a busy week with numerous earnings reports that will provide insights into the state of the economy. Meanwhile, the Federal Reserve’s two-day meeting is anticipated to result in a rate hike.
The anticipation of the Fed’s decision on rates, scheduled for July 27, is likely to keep trading in Bitcoin and Ether rangebound, as suggested by Mark Wong, a senior trader at Hong Kong-based digital asset platform Hashkey Group. He pointed out that the futures market is implying a 99.8% probability of a rate hike, making it nearly a foregone conclusion.
In terms of regulatory news, the U.S. Securities and Exchange Commission (SEC) made a statement in its ongoing lawsuit against Singapore-based Terraform Labs, criticizing a portion of the court’s recent verdict in the Ripple case as “wrongly decided.” This statement hints at a potential challenge from the SEC against the Ripple ruling. In February, the SEC charged Singapore-based Terraform Labs Pte and its co-founder Do Hyeong Kwon with orchestrating a multi-billion dollar crypto asset securities fraud, involving an algorithmic stablecoin and other crypto asset securities.
Beyond the cryptocurrency realm, NFTs and U.S. equity futures traded flat during this period.
Overall, the total crypto market capitalization rose by 1.14% in the past 24 hours, reaching US$1.20 trillion, with trading volume increasing by 13.56% to US$24.5 billion.
