New York, July 6, 2023: While most of the main cryptocurrencies were neutral during Thursday afternoon trading in Hong Kong, Bitcoin and Ether saw gains as investors awaited the Securities and Exchange Commission's (SEC) answer to applications for Bitcoin ETFs.
Bitcoin increased 1.15% to US$30,817 in Hong Kong between 6:35 and 4:30 p.m. According to CompaniesMarketCap, Bitcoin has a market value of US$601.1 billion, making it the 12th biggest asset in the world. With a market valuation of US$500.46 billion, payments behemoth Visa is ranked fourteenth.
In the same time frame, ether increased 0.78% to trade at US$1,926, staying over US$1,900 ever since Sunday.
Due to optimism surrounding spot Bitcoin exchange-traded fund (ETF) applications by a number of Wall Street heavyweights, including Blackrock, which revised its Bitcoin ETF application last week, the price of Bitcoin, the most popular cryptocurrency, increased to US$31,371 on Tuesday, its highest level since June 2022.
According to Ian Petras, head of marketing at Spool DAO, "the price of Bitcoin might have been influenced - as usual - by generally positive news from the larger financial markets."
“With Blackrock being the largest investment and venture company on the planet, with all the resources available both in terms of regulatory compliance and lobby power, still not having more luck in terms of getting the ETF accepted by the SEC will most likely signal that other smaller companies will have an even harder time, therefore lowering the chances of seeing this kind of ETF approved within the U.S.”
The day's largest gainer in the top 10 was Solana's Sol token, which rose 2.09% to US$19.59. Tron's TRX token was next, climbing 0.46% over the last 24 hours to trade at US$0.07805.
The day's largest loser was Polygon's Matic token, which fell 2.54% to US$0.6817.
According to statistics from CoinMarketCap, the overall cryptocurrency market capitalization during the last 24 hours decreased 0.21% to US$1.2 trillion while market volume grew 26.20% to US$34.1 billion.
In the 24 hours leading up to 4:30 p.m. in Hong Kong, the Forkast 500 NFT index edged up 0.11% to 2,782,52 points but down 2% over the course of the week.
In order to boost the number of Blur tokens traders will earn at the conclusion of season 2, NFT platform Blur has implemented a new reward mechanism for traders who bid on specific NFT qualities on particular collections and receive Blur reward points in exchange. However, other investors worry that this may unnaturally inflate some of the most rare NFT collections, which will then cause a floor price decline.
The major platform users of Blur were displeased by the new incentive system, including the top bidder who withdrew 7842ETH from the Blur pool. According to Yehudah Petscher, NFT Strategist at Forkast Labs, the parent business of Forkast.News, this single anonymous farmer is responsible for up to 8% of all farming points and 10% of Blur's TLV.
"This lowers the worth of their current points and perhaps their $Blur rewards. In the instance of this particular farmer, they practically gave up in annoyance as the value of their labour continued to decline.
The 24-hour non-fungible token sales for Bitcoin decreased 1.28% to US$3.49 million after a good Wednesday, whereas sales for Uncategorized Ordinals increased 31.08% to US$1.83 million.
The Bored Ape Yacht Club, the largest Ethereum-native NFT collection, saw sales increase by 1.63% to US$4.48 million, and Azuki sales increased by 49.41% to US$1.76 million, bringing the total 24-hour NFT sales for Ethereum to US$20 million.
The Forkast SOL NFT Composite was the only Forkast Labs NFT index to have a loss, dropping 0.59% to 787.50 points.