Bitcoin, Ether, Reject 500 NFT Index Rise; gold nears annual high on concerns in the banking sector

by James · March 24, 2023

Bitcoin and Ether rose during Asian trading hours on Friday, along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Litecoin posting the biggest gains. Most Asian shares were down, after Hong Kong’s central bank warned of a potential spillover from the US banking crisis. Concerns over the health of the banking system also boosted gold prices to near one-year highs.

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Fast facts

Bitcoin rose 1.92% to US$28,195 in the 24 hours to 16:30 in Hong Kong. Ether gained 3.16% to change hands at $1,809, according to CoinMarketCap data.
Most of the top 10 cryptos also rose on the day, with Litecoin rising 6.95% to US$93.88 as the day’s biggest gainer, followed by Ether. XRP fell 4.42% to $0.43 as the biggest loser of the day.
The global cryptocurrency market cap rose 1.7% to $1.18 trillion in the 24 hours to 4:30 p.m. in Hong Kong, with total crypto market trading volume down 19.6% to $54.47 billion.
The Dump 500 NFT index rose 0.44% on the day to 4,124.20 points, and was up 0.7% for the week.
Most Asian stocks edged lower on Friday, despite Wall Street’s overnight gains, reflecting investor caution after Hong Kong’s central bank warned of further spillovers from US regional banks.
The Shanghai Composite fell 0.64% while the Shenzhen Component Index rose 0.25%. Japan’s Nikkei 225 fell 0.13% and Hong Kong’s Hang Seng ended the day 0.67% lower.
European stock markets fell on Friday amid lingering concerns over the health of the banking sector and the possibility of further monetary policy tightening. The Stoxx 600 fell 1.06% and the DAX 40 lost 1.43%.
The European banking index lost 1% on the day. UBS Group ( UBSG ) shares fell 5.28% while Credit Suisse ( CSGN ) shares fell 5.82%, following reports that the US Justice Department is investigating the banks to determine whether they helped Russian oligarchs avoid sanctions.
Gold fell 0.15% to $1,990 an ounce, near a one-year high, as investors worried about the health of the banking system and continued to digest the impact of the Federal Reserve’s widely expected 25 basis point rate hike.