Bitcoin fell to hovering above US$25,000 in Asia on Tuesday morning after briefly missing a key support level for the first time in nearly three months. Ether slipped to control the US$1,600 support level. All other non-top 10 stablecoin cryptocurrencies posted losses, with XRP leading the losers with a 24-hour drop of more than 5%. The falling crypto exchange comes ahead of an FTX liquidation that could see it sell off US$3.4 billion in value by the end of the year. U.S. stock futures were lower after Wall Street posted daily gains on Monday, as investors awaited key U.S. inflation data this week.
Bitcoin briefly fell below US$25,000
As of 07:30 am in Hong Kong, Bitcoin has fallen 2.72% to US$25,115.32 in the past 24 hours, down 2.57% for the week. CoinMarketCap Data. The world’s largest cryptocurrency fell to its lowest price since June 15, hitting US$24,930.30 on Tuesday morning.
Ether saw big losses, falling 4.31% to US$1,547.18 and lost 4.79% last week, reaching US$1,533.43 on Tuesday, the lowest in six months.
All other top 10 unstable non-coin cryptocurrencies have posted losses in the last 24 hours. XRP led the losers, falling 5.17% to US$0.4727 for a weekly loss of 6.92%.
“The continued decline in altcoin values appears to be tied to the approval of FTX’s asset liquidation, a move that could affect the market value of several top cryptocurrencies, including FTX’s large holdings of XRP,” CEO John Stefanidis said. Blockchain infrastructure foundation Balthazar DAO.
Imported FTX crypto exchange bankruptcy In the year By November 2022, it may get court approval on Wednesday to liquidate an estimated US$3.4 billion worth of crypto holdings. The organization proposed that To sell up to $100 million in crypto assets every week, which can be extended to $200 million.
FTX’s upcoming liquidity shows that the crypto market could see “another US$3.4 billion in crypto-to-fiat off-ramping – a potential liquidity gap that could be difficult to fill in the absence of Signature Bank, Silicon Valley Bank and Silvergate Bank.” They account for at least 50% of the fiat-to-crypto on-ramping in the past few years,” said Markus Thielen, head of research and strategy at digital asset services platform Matrixport, in an emailed report.
The event could hit altcoins hard, says Thielen, “due to poor tokenomics that forces early investors in projects (founders, venture capital investors, etc.) to make prudent financial and survival decisions.”
Meanwhile, digital asset investment products saw outflows of $59 million by the end of Sept. 8, the fourth consecutive month of outflows of $294 million, according to a European alternative asset manager report on Monday. CoinShares.
Coinshares also highlighted net income in short investment products, which indicated that “sentiment is weak for the asset class”, and attributed the negative sentiment to “continuing concerns over asset level control and the recent strength of the dollar”.
Total crypto market capitalization dropped 2.88% to US$1.01 trillion in the last 24 hours.
US stock futures are ahead of the CPI release.
US stock futures were lower at 09:10 am in Hong Kong. All three major U.S. indexes returned to normal trading on Monday, with the Nasdaq up 1.14 percent.
The main stock indexes in Asia were mixed at 09:30 am in Hong Kong. China’s Shanghai Composite, Hong Kong’s Hang Seng and South Korea’s Kospi edged lower, while Japan’s Nikkei 225 topped the index.
Tesla led the stock market’s rally after Morgan Stanley on Monday. It has improved. The company’s Dojo supercomputer could add more than $500 billion to its market value, he said, downgrading the electric car maker’s stock from “equal-weight” to “overweight.” Tesla’s share price rose more than 10 percent on Monday, followed by other tech giants including Amazon (+3.52%) and Microsoft (1.10%).
On inflation, the US Consumer Price Index (CPI) for August will be released on Wednesday. Federal Reserve Bank of Cleveland He waits. Inflation rose to 3.8% year-on-year from 3.2% in July.
The inflation gauge provides further insights into the future monetary policies of the Federal Reserve, which aims to keep annual inflation below 2% and raised interest rates in July to between 5.25% and 5.50% – the highest level in the past 22 years.
“This week is likely to be a ‘good news is good, bad news is bad’ story,” said Chris Larkin, managing director of trading and investments at Morgan Stanley E*Trade. Bloomberg on Tuesday. “The market’s ability to rebound in the near term may be tied to this week’s inflation numbers, especially Wednesday’s CPI.”
of CME FedWatch tool In September, the central bank predicts a 93% chance of keeping the current rate unchanged. A postponement in November gives a 57.6% chance, up from 53.5% on Monday.
(Updates with the Equity section.)