Toncoin leads declines, Bitcoin dips below US$27,000

Zoltan Vardai

1 year ago

Coins with bitcoin symbol on red light and crypto stocks chart b

Toncoin was the biggest loser in the top 10 cryptocurrencies by market capitalization, falling alongside most other cryptos except Dogecoin. With Bitcoin below US$27,000, FTX’s crypto liquidations could keep prices subdued for the rest of the month, market analysts told Forkast.

TON biggest loser among top 10 cryptos, Bitcoin to dip below US$27,0000 by October

Following yesterday’s parabolic price rally, Toncoin reversed some of its gains, falling 7.28% in the 24 hours leading up to 4:30 p.m. in Hong Kong, to US$2.35. Despite the correction, TON is still up over 25% on the weekly chart, thanks to Telegram announcing its partnership with Toncoin last week.

Bitcoin, the world’s first cryptocurrency, fell 0.65% in the past 24 hours to US$26,967.

Jonas Betz, crypto market analyst and founder of consultancy firm Betz Crypto, said that Bitcoin is unlikely to recover above US$30,000 in September, due to the US$3.4 billion worth of crypto liquidations in the FTX bankruptcy case.

“According to the sales plan led by Mike Novogratz, US$100 million to US$200 million worth of crypto assets could be sold on a weekly basis. Even though it is likely that a majority of crypto assets will change hands via over-the-counter trades, market sales cannot be ruled out as well as investors hedging against a further decline in crypto prices,” Betz, told Forkast.

Ether, the world’s second-largest cryptocurrency, fell 1.09% to US1,618, while most of the other top 10 cryptos were down, except Dogecoin that rose 0.31% to US$0.06258.

The total crypto market capitalization over the past 24 hours fell 0.65% to US$1.07 trillion while market volume decreased 3.77% to US$27.66 billion, according to CoinMarketCap data.

Reavers NFTs lift Solana to second-largest blockchain by daily NFT sales volume

The Forkast 500 NFT index fell 0.43% to 2,026.47 points in the 24 hours to 4:30 p.m. in Hong Kong but fell 0.95% during the week.

Solana became the second-largest blockchain network by 24-hour NFT sales volume, after sales rose 16.32% to US$1.55 million, boosted by a 32.67% increase in the Reavers collection, that generated US$813,909 for the network, becoming the second-largest NFT collections across all chains by daily volume, according to CryptoSlam.

Mirroring the stronger sales on the network, the Forkast SOL NFT Composite rose 0.79% during the day and 1.11% during the week.

Ethereum’s 24-hour NFT sales rose 16.32% to US$5.57 million, driven by a 121% sales increase in CrypptoPunks that generated US$557,629 for the network. Sales for the Bored Ape Yacht Club also increased 17% in the past 24 hours to US$480,014.

Asian, U.S. equities fall as Fed indicates another interest rate hike despite keeping borrowing rates unchanged

Major Asian equities fell as of 4:30 p.m. in Hong Kong, including the Shanghai Composite, the Shenzhen Component, Japan’s Nikkei 225 and Hong Kong’s Hang Seng Index that remained near its monthly low.

Investor sentiment remained subdued, despite new data showing that annual inflation in Hong Kong fell to 1.8% in August, its lowest in four months and above market expectations of 2%.

The U.S. Federal Reserve kept the borrowing rate unchanged but signaled that another rate increase is likely before the end of the year. Following the comments, major U.S. stock futures fell for the first day this week, including the S&P 500 futures index, the tech-heavy Nasdaq-100 futures and the Dow Jones Industrial Average futures.

Over in Europe, traders remained cautious ahead of the Bank of England’s interest rate decision scheduled for later today. Both the benchmark STOXX 600 and Frankfurt’s DAX 40 fell over 0.9% during the day.