Blockchain News

Shiba Inu surges; DeGods Season 3 unveiled; risk sentiment improves for US stocks

Bitcoin and other major cryptocurrencies experienced subtle fluctuations over the weekend, with Bitcoin hovering around the $29,380 mark. Notable exceptions were Dogecoin, which saw a dip of 2.11%, and Shiba Inu, a memecoin that surged in anticipation of its upcoming layer-2 network launch. The Forkast 500 NFT index recorded a slight drop after a week of positive gains, while U.S. equities showed signs of improved risk sentiment following the release of new inflation data. As the week unfolds, investors eagerly await a series of upcoming earnings reports.

In the past 24 hours, Bitcoin underwent a minor dip of 0.10%, bringing its value to $29,375.75. Despite this, its weekly gains stood at 0.96%. Ether, another prominent cryptocurrency, showed a 0.11% increase, totaling $1,849.50, with a weekly gain of 1.00%. Analysts are looking forward to potential market growth in light of pending U.S. application rulings for spot Bitcoin exchange-traded funds (ETFs).

In a significant move, major U.S. financial institutions including BlackRock filed applications with the U.S. Securities and Exchange Commission (SEC) to establish spot Bitcoin ETFs. While the SEC had previously rejected similar applications due to concerns about market manipulation and volatility, the recent surge in applications has raised hopes for the eventual approval of a spot Bitcoin ETF. The SEC’s announcement regarding Ark Investment’s Spot Bitcoin ETF application, expected on August 13, was postponed as the regulator decided to seek public input on the proposal.

Notably, the impact of ETF-related news is anticipated to have a greater effect on Bitcoin compared to Ether. Luuk Strijers, the Chief Commercial Officer of Deribit, a Panama-based crypto derivatives exchange, noted that the looming ETF news could influence short-term Bitcoin performance, while the upcoming halving event in April 2024 is expected to have a more profound impact in the long run. This halving event will reduce the issuance of new Bitcoin by half, leading to increased scarcity and potentially driving up its price.

Among the top 10 non-stablecoin cryptocurrencies, Dogecoin experienced a decline of 2.11% to reach $0.07524, with a weekly slip of 0.25%. In contrast, Shiba Inu briefly entered CoinMarketCap’s top 10 cryptocurrency list during the weekend, pushing Polkadot’s DOT to eleventh place in terms of market capitalization. While Shiba Inu experienced a 3.01% drop to $0.00001042 over the past 24 hours, it still managed an 11% gain for the week. The creators of Shiba Inu are preparing to unveil Shibarium, their layer-2 network, which aims to enhance user security through self-sovereign identity (SSI) protocols.

The broader cryptocurrency market exhibited marginal growth, with the total crypto market capitalization rising by 0.09% to $1.17 trillion within 24 hours. Additionally, trading volume increased by 7.08% to $17.82 billion.

Turning to the NFT space, the Forkast 500 NFT index experienced a 0.52% drop in the last 24 hours, settling at 2,480.44, while recording a 0.95% weekly gain. Ethereum’s NFT Index displayed gains, whereas the indexes tracking Polygon, Cardano, and Solana NFTs registered losses. Total NFT trading volume saw a 5.35% decrease within 24 hours, amounting to over $13.92 million.

The Ethereum-based NFT collection DeGods witnessed a substantial 133.20% surge in trade volume, reaching $1 million. This boost followed the launch of its “Season 3” digital art collection characterized by a simpler, pop-art inspired style. Meanwhile, Bored Ape Yacht Club, a staple in the NFT space, experienced a 2.90% increase in trade volume, reaching $903,726.

In the global markets, U.S. stock futures fell amid mixed closures for the main indexes on Friday. Asian equity indexes, including China’s Shanghai Composite, Hong Kong’s Hang Seng, Japan’s Nikkei, and South Korea’s Kospi, all recorded losses during Monday morning trading. These moves come as global markets continue to digest China’s recent release of economic data, revealing downward trends in consumer prices and exports for July.

At a fundraising event in Utah, U.S. President Joe Biden’s remarks about China’s economic challenges stirred Sino-U.S. tensions. Biden referred to China’s economy as a “ticking time bomb” facing troubles. In contrast, the U.S. released its producer price index (PPI) data, indicating a 0.3% rise in July, slightly exceeding analysts’ forecasts of 0.2%.

Despite this increase, experts anticipate that the U.S. Federal Reserve will temporarily halt its cycle of interest rate hikes during its upcoming meeting in September. However, some market analysts warn that interest rate hikes could continue until inflation aligns with the Fed’s 2% target. The next Fed meeting on September 19 will be closely monitored by investors, as the current interest rates of 5.25% to 5.50% mark the highest level in over two decades. Predictions from the CME FedWatch Tool indicate an 88.5% probability of no interest rate hike in September.

As the week progresses, investors will also keep an eye on forthcoming earnings reports, including those from retail giants Walmart, Home Depot, and Target.


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