Bitcoin dipped below US$21,000 in Tuesday morning trading in Asia as Ether and most other tokens in the cryptocurrency top ten by market capitalization, excluding stablecoins, lost ground. Polygon was one of the few tokens to gain, leapfrogging Solana by market cap. Solana led the losers.
See related article: Binance to sell FTX token holdings amid questions over trading arm Alameda finances
Fast facts
- Bitcoin fell 1.6% in the past 24 hours to trade at US$20,588 at 8 a.m. in Hong Kong, while Ether declined 0.4% to US$1,568, according to data from CoinMarketCap.
- Polygon continued its price run, rising 9.6% to US$1.25 to post gains of 37.9% over the past seven days following the announcement social media giant Instagram was integrating NFTs on its platform using the Polygon network.
- Polkadot was the only other token to gain, rising 4.4% to US$7.12 following the firm announcing that the U.S. Securities and Exchange Commission ruled its native token DOT is considered by the agency to be software, not a security.
- Solana fell 9.8% to US$29.57 on speculation the token is at risk in the controversy surrounding Sam Bankman-Fried’s crypto exchange FTX Trading Ltd. and his trading firm Alameda Research. Speculation has emerged that rival crypto exchange Binance Global Inc. could sell large amounts of FTX’s native currency FTT, and that Alameda may try to dump its holdings in Solana to raise its liquidity. Bankman-Fried tweeted on Monday that “A competitor is trying to go after us with false rumors. FTX is fine. Assets are fine.”
- U.S. equities were up on Monday. The Dow Jones Industrial Average gained 1.3%, the S&P 500 Index rose 1% and the Nasdaq Composite Index closed the day 0.9% higher.
- Investors are wary ahead of Tuesday’s mid-term elections in the U.S. which will decide whether the Democratic Party retains control of both chambers of Congress. In addition, The October Consumer Price Index, a leading measure of inflation, is scheduled for release on Thursday and is a key indicator for how the Federal Reserve may approach further interest rate hikes.Â
- See related article: SEC gets more time to file reply briefs in XRP lawsuit against Ripple
- Bitcoin
- blockchain
- blockchain compliance
- blockchain conference
- BTC - Bitcoin
- coinbase
- coingenius
- Consensus
- crypto conference
- crypto mining
- cryptocurrency
- decentralized
- DeFi
- Digital Assets
- ETH - Ethereum
- ethereum
- Forkast
- FTX
- machine learning
- MATIC - Polygon
- non fungible token
- plato
- plato ai
- Plato Data Intelligence
- Platoblockchain
- PlatoData
- platogaming
- Polygon
- proof of stake
- SOL - Solana
- W3
- zephyrnet
More from Forkast
Bitcoin, Ether slip as XRP leads declines in top 10 cryptos
Source Node: 2200416
Time Stamp: Aug 7, 2023
Centralized crypto exchanges are dying, so long live centralized crypto exchanges?
Source Node: 1970243
Time Stamp: Feb 21, 2023
Bitcoin mining difficulty dips 0.5% over two weeks after hitting record high
Source Node: 1954337
Time Stamp: Feb 12, 2023
India authorities block crypto exchange Bitbns’ bank account
Source Node: 1619687
Time Stamp: Aug 12, 2022
Hong Kong crypto exchange AAX has lost most staff, unlikely to reopen, says former executive
Source Node: 1766375
Time Stamp: Dec 3, 2022
Web3 in Asia grows as Klaytn and Finschia announce merger
Source Node: 2482974
Time Stamp: Feb 15, 2024
VPN in China may be at risk as users report connection issues on Twitter
Source Node: 1765200
Time Stamp: Dec 1, 2022
Unfazed by FTX fiasco, Goldman Sachs eyes investments in crypto market
Source Node: 1767853
Time Stamp: Dec 6, 2022
Warren Buffet’s Berkshire Hathaway warns of scam crypto site with same name
Source Node: 1759977
Time Stamp: Nov 22, 2022