Bitcoin and Ether have struggled to gain traction since the Securities and Exchange Commission (SEC) postponed its decision on seven Bitcoin ETF proposals. Most top 10 non-stablecoin cryptocurrencies by market capitalization rose, except Dogecoin.
See related article: Weekly Market Wrap: Grayscale’s favorable court verdict, ETF hype fail to lift Bitcoin above US$28,000
Bitcoin, Ether remain subdued by SEC’s ETF delay; Sol leads gains in top 10 cryptos
Bitcoin was little changed during afternoon trading in Asia, trading at US$25,985 as of 4:30 p.m. in Hong Kong.
The world’s first cryptocurrency fell below the US$27,000 support level last Thursday after the SEC delayed its decisions on seven Bitcoin exchange-traded fund (ETF) proposals, including one submitted by BlackRock, the world’s largest asset manager.
“Despite the prospect of U.S.-based spot ETFs and positive supply dynamics next year, tight monetary policy, albeit near its peak, remains a challenge for Bitcoin price in the near term,” wrote Jamie Coutts, a senior market structure analyst at Bloomberg Intelligence, in a research note shared with Forkast.
“US-listed ETFs – despite being kneecapped by the SEC for 10 years while other jurisdictions leapfrog with their spot exchange traded products – have significant potential to attract sizable flows. The U.S. still accounts for US$23 billion, or 80% of the total assets invested in listed Bitcoin fund products.”
Ether slipped 0.18% during afternoon trading in Asia to US$1,638 and declined 0.03% during the past week.
Solana’s SOL token was the day’s biggest winner in the top 10, after it rose 1.9% in the past 24 hours to US$19.84, but remained near a two-month low.
The total crypto market capitalization over the past 24 hours rose 0.31% to US$1.05 trillion while market volume increased 8.21% to US$21.56 billion, according to CoinMarketCap data.
Mythos Chain becomes 2nd largest network by NFT sales, Lufthansa launches NFT rewards platform on Polygon
The Forkast 500 NFT index rose 0.28% to 2,198.27 points in the 24 hours to 4:30 p.m. in Hong Kong but fell 1.93% during the week.
Mythos Chain became the second largest blockchain by 24-hour sales volume, despite its sales falling 17.44% in the past 24 hours to US$1.15 million. The network was boosted by the DMarket collection that generated US$1.14 million in sales for the network in the past 24 hours.
Ethereum’s 24-hour NFT sales rose 6.49% to US$5.05 million, but sales for the largest Ethereum-native NFT collection, the Bored Ape Yacht Club, fell 33.69% to US$446,463.
In the wider NFT space, Lufthansa Group, the parent company of one of the world’s largest airlines, announced the launch of an NFT-based loyalty program called Uptrip. Built on the Polygon blockchain, the platform will reward travelers with digital trading cards.
Following the positive news, the Forkast POL NFT Composite rose 0.65% during the day, while all other Forkast Labs NFT indexes were in the red.
