Bitcoin, Ether, Forkast 500 NFT index closes lower on the day

by James · March 10, 2023

Bitcoin and Ether fell in the opening hours in Asia on Friday afternoon, with Dogecoin leading losses among the top 10 non-stablecoin cryptocurrencies by market capitalization, pressured by cryptobank Silvergate’s liquidation announcement and a new US tax proposal on cryptomining. Stocks also weakened, weighed down by the prospect of higher-than-expected interest rates and a tighter US labor market. The discard 500 NFT index also closed lower on the day.

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Fast facts

Bitcoin fell by 7.96% in the past 24 hours, trading at USD 19,929 by 4:30 PM in Hong Kong. Ether lost 8.2% to change hands at $1,409, according to CoinMarketCap data.
Bitcoin and Ether, the two largest cryptocurrencies, were pressured by crypto bank Silvergate Capital’s announcement to cease operations and liquidate its banking unit. Crypto investors also reacted to the administration of US President Joe Biden proposing an excise tax on crypto mining equivalent to 30% of the cost of electricity used.
The Crypto Fear and Greed Index, which measures sentiment in the crypto market, fell to 34, the lowest since January 13, reflecting market concern among investors.
Dogecoin was the worst performer of the day, losing 8.58% to trade at $0.06546, closely followed by the Shiba Inu token, which fell 8.09% to $0.00001007.
The global crypto market capitalization fell by 6.62% in the last 24 hours to USD 928.9 billion, with the total crypto market volume rising by 60.53% to USD 69.37 billion.
Dismiss The NFT 500 index fell 1.7% to 4,164.86 in the last 24 hours, with Moonbirds down 12.77% the biggest decliner, followed by Bored Ape Kennel Club which lost 17.91%. The Discard NFT 500 Index is a proxy measure of the performance of the global NFT market and includes 500 eligible smart contracts on a given day.
Asian stock markets weakened, echoing Wall Street’s overnight downtrend, amid growing concerns that the US Federal Reserve’s key interest rate will end up higher than expected, coupled with a tighter US labor market.
Japan’s Nikkei 225 fell 1.67%, the Shanghai Composite Index lost 1.4%, the Shenzhen component fell 1.19% and Hong Kong’s Hang Seng ended the day 3.04% lower, its lowest close in 11 weeks.
European shares also fell on Friday. The STOXX 600 fell 1.7% and Germany’s DAX 40 lost 1.81%, as investors worldwide remained cautious after shares in Silicon Valley Bank (SVB), a major lender to technology startups, plunged more than 60% on Thursday. The SVB chaos led to four of the largest US banks losing more than 50 billion dollars in market value.
The US Bureau of Labor Statistics is scheduled to release its February jobs report on Friday, which will include two key figures that could hint at the Fed’s upcoming decision on interest rates, unemployment and non-farm payrolls. Analysts forecast 225,000 new jobs added, according to CNBC.