Bitcoin and Ether were little changed in Asian markets on Tuesday morning, while other top 10 non-stablecoin cryptocurrencies traded mixed. Cardano’s ADA led the rally after founder Charles Hoskinson’s bullish comments. He predicted a price surge above both Ether and Bitcoin. Solana’s SOL posted further losses despite last week’s news of a partnership between Solana Pay and Shopify. Analysts expect the overall sluggish mood in the cryptocurrency market during the summer to pick up in the fall. Elsewhere, the Forkast 500 NFT index continued to fall, reflecting further bad news for the NFT industry. The U.S. Securities and Exchange Commission (SEC) announced Monday that it has charged Los Angeles-based media company Impact Theory LLC with securities violations related to its offering of NFTs. Meanwhile, U.S. stock futures traded flat after Monday’s gains.
summer blues
Bitcoin fell 0.12% to $26,050.51 over the past 24 hours as of 7 a.m. Hong Kong. The token fell 0.30% this week, according to CoinMarketCap data. The world’s leading cryptocurrency reached a high of $26,198.58 in the early morning but then turned down.
Ether also dropped 0.40% to $1,650.23, with a weekly loss of 0.99%.
“There is potential for further declines, but at this point we are experiencing a standard August and September correction, and we believe that the decline will not last long and is likely to trend upwards going forward. ,” said Mikael van de Poppe, CEO of Amsterdam-based cryptocurrency trading firm MN Trading. on mail.
Van de Poppe’s comments were consistent with a JPMorgan Chase report that said: forecast “Limited Downside” for Crypto Markets as Losses Moderate. Analysts at a major U.S. bank have found a decline in the number of Bitcoin-related futures contracts not yet cleared on exchanges. This is a sign that the downward momentum in prices is running out.
“We could get away from here,” Van de Poppe said in a tweet over the weekend. “This rally is most likely to occur in the fourth quarter of 2023, which is a good time for the cryptocurrency market (October-December is trending).”
Van de Poppe cited Bitcoin’s next halving event, expected to occur on April 16, 2024, as a source of optimism beyond the fourth quarter of this year. During the halving event, the amount of new bitcoin issued every 10 minutes is cut in half, increasing scarcity. This is widely expected to cause the price of the token to skyrocket. He also stressed that the U.S. jobs report and Purchasing Managers Index, which are due out this week, could boost the Bitcoin price even further.
Van de Poppe said the SEC’s decision on the filing of Bitcoin Exchange Traded Funds by investment giants BlackRock, Fidelity and others will also have an impact. Some of those decisions could come as early as Saturday.
Other top 10 non-stablecoin cryptocurrencies trade mixedly. Cardano’s ADA leads the winner, rising 1.46% to $0.2669, up 1.24% for the week.
Cardano Blockchain Founder Charles Hoskinson Attends Denver-Based Conference Rare evo On Saturday, it predicted that ADA would overtake Bitcoin and Ethereum to become the world’s largest cryptocurrency. ADA currently has a market capitalization of US$9.36 billion, making him the 7th largest cryptocurrency in the world.
Meanwhile, Solana’s SOL led the losers. It fell 1.35% to $20.50, a loss of 3.61% for the week. These losses are due to Solana Pay, a free-to-use payment protocol built on the Solana blockchain, partnering with Canada-based e-commerce platform Shopify to offer USDC stablecoins for online shopping without intermediary fees. It happened despite the news that it made it possible to pay for
The token rose briefly on Aug. 24, when the Solana Pay announcement took place. It rose 7% to $21.98 and then turned down.
Benjamin Stani, business development director at Hong Kong-based digital asset broker Matrixport, said the integration of Solana with mainstream shopping apps would be a small win for the industry and would not have a big impact on the market.
“This is just another step towards mainstreaming stablecoins in line with PayPal’s PYUSD,” he said. He added that while it’s good news for Solana, “it’s not really a big step forward.”
Prepare for NFT catastrophe
The major Forecast 500 NFT index fell 0.16% over the past 24 hours to 2,240.52 as of 7:30 am in Hong Kong, down 3.25% for the week. Forkast’s Ethereum, Polygon and Cardano indices fell while the Solana index rose.
The NFT industry was reacting Tuesday to more bad regulatory news from the US. The SEC announced Monday that: Paid Los Angeles-based media company Impact Theory offers and sells NFTs as unregistered securities. The charges are the first to be brought by a regulator against an NFT project.
According to the SEC, the company sold a digital token known as Founders Key to hundreds of investors at the end of 2021, earning around US$30 million. The SEC said in a statement that Impact Theory did not accept or deny the allegations, but agreed. Pay a fine of US$6.1 million and destroy all Founder’s Keys under your control.
“Be prepared for catastrophe in the NFT market,” writes Yehudah Petscher, NFT strategist at Forkast Labs. “Surprisingly, the community seems almost caught off guard and more concerned about the value of NFTs in the short term.”
Pescher said he expects the SEC to pursue charges against more NFT projects in the future. As a result, NFT prices will plummet as traders rush out of the market, he said.
“This is how the market will find its bottom, but it is far from actually seeing that bottom,” added Pescher.
Total trading volume of NFTs increased by 3.23% over the past 24 hours to US$9.94 million. Ethereum’s trading volume fell, while the other top five chains (Solana, Mythos, ImmutableX and Polygon) all recorded increases, according to the report. data From Cryptoslam.
When it comes to NFT collections, blockchain game-based titles occupy the top five spots in CryptoSlam’s ranking. DMarket, which is based on the Mythos chain, took the top spot in terms of trading volume, with him at US$857,652. Gods Unchained, Sorare and DraftKings followed him up, with PLAYNFT down 14.90% of him.
(Updated NFT section)
