Bitcoin declined 1.17 per cent over the past 24 hours to $26,878
Bitcoin dropped Friday morning in Asia, trading below support at $27k in a flat start to June after posting its first monthly loss of 2023 in May. Ether dropped back below $1,900 and most other top non-stablecoin cryptocurrencies traded flat to lower. Cardano led the losers, while Litecoin found buying support as its third halving event moves closer. U.S. equity futures advanced after gains in regular trading Thursday after the debt ceiling bill passed the House of Representatives. Manufacturing data showed an easing in inflation, mitigating concerns about further interest rate raises. On the down side, experts expect the U.S. to issue $1trln in treasury bills in 2023 to refill its cash, which could suck liquidity from risk assets like cryptocurrencies.
Bitcoin declined 1.17 per cent over the past 24 hours to $26,878 at 07:10 a.m. in Hong Kong, but held onto a weekly gain of 1.53 per cent, as per data from CoinMarketCap. The biggest cryptocurrency declined nearly 7 per cent in May, but is still up 62 per cent for the year so far.
Ether dropped 0.19 per cent to trade at $1,866, with a weekly gain of 3.20 per cent.
Most other top non-stablecoin cryptocurrencies were flat to lower in the last 24 hours, while Litecoin bucked that trend to add 5.11 per cent to $94.41, up 9.98 per cent for the week. The token’s third halving event is scheduled for August 2, which would lessen the token’s supply.
Litecoin’s on-chain activities rose in May, as per blockchain data tracker IntoTheBlock on Tuesday, which noted nearly 8.5mln Litecoin addresses with a balance by the end of May, compared to 7.09mln addresses by the end of March.
Cardano’s ADA led the losers in the top non-stablecoin tokens, dropping 2.35 per cent to $0.3659, but still managing a weekly gain of 2.03 per cent.
The market cap of Tether’s USDT stablecoin reached an all-time high of $83.60bln early Friday morning in Asia, over 26 per cent higher from the beginning of the year.
USDT’s advance was undoubtedly related to the banking crisis in the US and the demise of BUSD from Binance; seems like investors are putting their faith – and money – with Tether, so far, stated Justin d’Anethan, head of APAC business development at crypto market maker Keyrock.
The total market cap of cryptocurrencies shed 0.64 per cent during the last 24 hours to $1.13trln, while the 24-hour market volume dropped 7.79 per cent to $30.28bln.
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