In a surprising twist, the cryptocurrency market witnessed a triumphant surge as Bitcoin scaled the $26,500 mark on a thrilling Thursday morning in Asia. Just a day earlier, the token had achieved its most substantial one-day increase in the past six weeks, making a valiant recovery from the downward spiral of the previous week. Ether, refusing to be left behind, rallied to challenge the imposing $1,700 resistance level, while a refreshing wave of gains engulfed the top 10 non-stablecoin cryptocurrencies. This exhilarating ascent mirrored a parallel rally in the U.S. equity market, fueled by data that suggested a possible economic slowdown.
Notably, Solana’s SOL emerged as a radiant star among the crypto winners, basking in the limelight after its strategic alliance with Shopify under the Solana Pay banner. This groundbreaking partnership aims to revolutionize the e-commerce landscape by enabling USDC payments directly on the Shopify platform. The collaboration spells good news for users looking to shop online without the weight of intermediary fees, and it could potentially mark the beginning of a new era where digital currencies reshape online transactions.
Meanwhile, the Forkast 500 NFT index experienced a minor dip, following the wake of OpenSea’s decision to cease enforcing creator royalties, a move that continues to reverberate across the market. Yet, amidst this, the news of Nvidia’s remarkable earnings report injected a dose of positivity into the atmosphere. The AI chipmaker’s shares soared by 6%, casting a ripple effect of strength over U.S. equities as a whole.
Bitcoin’s surge of 2.23% over the past 24 hours landed it firmly at $26,510.04 as of 07:20 a.m. in Hong Kong. Although it had faced an 8.11% decline over the week, the cryptocurrency’s resilience was evident as it soared to a seven-day peak of $26,786.90 on Wednesday. Wall Street’s rally provided a strong tailwind, with the S&P 500 and Nasdaq Composite registering gains exceeding 1% at the close of Wednesday’s trading session. The release of S&P Global’s flash U.S. Composite PMI index, a measure of economic activity, hinted at a near-stalling growth in August, giving rise to hopes that the U.S. Federal Reserve might reconsider its interest rate trajectory.
Ether, following in the footsteps of Bitcoin, showcased its upward trajectory with a 3.04% leap to $1,681.25. Despite its seven-day downturn of 7.06%, Ether displayed its steadfast nature in the face of market fluctuations. Interestingly, Bitstamp, a notable Europe-based crypto exchange, revealed its decision to halt Ether staking services to U.S. customers from September 25, attributing the move to evolving regulatory dynamics in the country.
As the crypto realm rallied, Solana’s SOL token shone brightly as it surged 5.35% to $21.61. Yet, despite this resurgence, it bore the traces of a 5.23% decline over the week. The alliance between Solana Pay and Shopify, announced with flair, is set to transform the payment landscape by offering users the ease of utilizing USDC stablecoin for online transactions without the burden of intermediary fees. The collaboration might even extend to other payment options, such as SOL and BOND, in the foreseeable future, according to TechCrunch.
The combined market capitalization of the crypto space rebounded by an impressive 2.53%, reaching a formidable $1.07 trillion. The surge in trading volume, soaring by 10.71% to $35.37 billion, signaled a revitalized spirit in the crypto market that promises more exhilarating developments in the days ahead.
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