Bitcoin and Ether declined by the end of Asian trading hours on Thursday afternoon, with all the top 10 non-stablecoin cryptocurrencies also falling, apart from Binance’s BNB. The Forkast 500 NFT index fell, along with Asian equities, fueled by concerns around the financial health of Swiss investment bank Credit Suisse, which is getting a CHF 50 billion (US$53.9 billion) loan from the country’s central bank.
See related article: Banks are bringing systemic risks to crypto, says Circle’s Disparte
- Bitcoin slid 0.98% to US$24,670 in the 24 hours to 4:30 p.m. in Hong Kong. Ether fell 2.89% to US$1,657, according to CoinMarketCap data.
- Binance’s BNB token rose 2.4% to US$320.45, as the day’s sole gainer in the top 10 cryptocurrencies. Solana‘s SOL token lost 8.03% to US$19.50, as the day’s worst performer.
- The global cryptocurrency market capitalization shrank by 2.35% to US$1.08 trillion in the 24 hours to 4:30 p.m. in Hong Kong. The total crypto market trading volume decreased by 17.82% to US$81.68 billion.
- The Forkast 500 NFT index slipped 0.67% on the day to 4,092.47. EGoldMiner declined 13.33% as the day’s worst-performing NFT collection, followed by Wolf Game Farmer that lost 9.84%
- Asian equities weakened, reflecting Wall Street’s overnight performance. Japan’s Nikkei 225 slid by 0.8%, the Shanghai Composite fell 1.12%, the Shenzhen Component fell 1.54%, and Hong Kong’s Hang Seng Index retreated by 1.72% to its lowest in over three months.
- Investors were concerned about the financial health of Credit Suisse Group, as the Swiss investment bank’s shares sank to record lows on Wednesday after its biggest shareholder, Saudi National Bank, refused to expand its stake.
- The euro rallied above US$1.06, on news that Credit Suisse will get a CHF 50 billion loan from the central bank of Switzerland, offering investors momentary relief.
- Investors are looking to the European Central Bank’s monetary policy decision due later Thursday. Market expectations are divided between a 50 basis point and a 25 basis point rate increase.
- European shares saw a glimpse of relief on Thursday, as the STOXX 600 rose 0.95% and Germany’s DAX 40 gained 0.92%.
- London’s benchmark FTSE 100 recovered from its lowest close in three months yesterday, by rising 0.85%, driven mainly by gains in the financial and energy sectors.