Bitcoin’s turbulent journey continues as it fell below the US$27,000 mark on Sunday and continued to dip on Monday morning in Asia. The wider macro developments and ongoing U.S. debt ceiling negotiations have weighed heavily on the cryptocurrency market, with all top 10 non-stablecoin cryptocurrencies experiencing a decline, except for Tron, which traded higher on Monday morning.
According to data from CoinMarketCap, Bitcoin witnessed a 1.95% drop in the last 24 hours, settling at US$26,669 at 9:30 a.m. in Hong Kong. This decline adds to a 1.27% loss over the past seven days. Surprisingly, Bitcoin failed to react positively to lower-than-expected U.S. consumer price index (CPI) data and the efforts to raise the U.S. debt ceiling, as noted by Markus Thielen, head of research and strategy at Singapore-based crypto lender Matrixport.
Ether, another prominent cryptocurrency, also experienced a drop of 1.14% in the past 24 hours, settling at US$1,800. Over the past week, Ether witnessed a 0.49% decline. However, the biggest loser among the top 10 non-stablecoin cryptocurrencies was Solana, which recorded a 4.22% decline in the past 24 hours and a significant loss of 6.92% for the week.
In contrast, Tron managed to climb 2.73% in the past 24 hours, reaching US$0.07464. It also gained 7.47% over the past week, possibly due to Tron founder Justin Sun’s announcement on May 11 regarding trading in memecoins.
Amidst the market fluctuations, Tornado Cash experienced a remarkable 23.38% rise in the past 24 hours, recovering from a low point of US$3.859 on Sunday. However, the token’s issuer, the Tornado Cash decentralized autonomous organization (DAO), fell victim to what appeared to be voter fraud over the weekend, leading Binance, the world’s largest crypto exchange, to temporarily halt trading of the token.
On the NFT front, the Forkast 500 NFT index remained stable at 3,399.6 points in the 24-hour period, with a 1.77% increase over the past seven days. Ethereum, the leading blockchain for NFTs, witnessed a 3.96% decline in NFT sales, amounting to US$15.1 million in the last 24 hours. Sales on the Bitcoin blockchain also dropped by 18.5% to US$3.54 million.
The Mutant Ape Yacht Club collection emerged as the top-selling NFT on Ethereum, with daily sales reaching US$1.9 million, reflecting a 1.1% increase. Additionally, the growing popularity of Bitcoin Ordinals led to a 29% rise in sales value for uncategorized Ordinals, reaching US$960,597 over the past 24 hours.
As investors continue to monitor these market movements, the cryptocurrency landscape remains unpredictable. The impact of wider economic factors and regulatory developments will likely play a crucial role in shaping the future of cryptocurrencies and NFTs.
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