Bitcoin and Ether rose in Tuesday afternoon trade in Asia while other top 10 non-stablecoin cryptocurrencies traded mixed. BNB, the native token of world’s largest crypto exchange Binance, led gains.
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Bitcoin still below US$26,500
Bitcoin gained 0.24% to US$26,260 in the past 24 hours to 4 p.m. in Hong Kong, according to CoinMarketCap data. The world’s largest cryptocurrency has lost 2.26% in the past seven days, as declines in global stock markets and a strong dollar exert pressure on risk assets.
Last week, Bitcoin saw minor outflows for the third consecutive week totalling US$6 million, according to European cryptocurrency investment firm CoinShares.
Ether, the world’s second largest cryptocurrency, gained 0.43% to US$1,588 in the past 24 hours, but is down 2.97% on the week.
“Ethereum continues to suffer, with outflows for the sixth consecutive week totalling US$2.2 million. Multi-asset investment products have also suffered this year, seeing a small but steady trickle of outflows that now total US$32 million for the year so far,” CoinShares said in an emailed statement.
“It seems investors are becoming more discerning in the altcoin space though, with continued inflows into XRP and Solana totalling US$0.66 million and US$0.31 million respectively,” the report said.
Inflows into Europe last week totalled US$16 million, where investors see recent regulatory disappointment as an opportunity. While U.S. investors pulled out US$14 million, seemingly in a continued funk over recent events, CoinShares added.
BNB, the native token of world’s largest crypto exchange Binance, gained the most, rising 1.41% to US$212 in the past 24 hours, and although it lost 2.13% on the week.
Binance Japan and Mitsubishi UFJ Trust and Banking Corporation, the largest banking group in Japan, are collaborating on the issuance of fiat-pegged stablecoins. The partnership will use “Progmat Coin,” which is a platform led by Mitsubishi’s trust bank for stablecoin issuance and management. The platform, initially announced in February 2022, aims to support the issuance of yen-pegged stablecoins on public blockchains.
Total crypto market capitalization rose 0.32% to US$1.05 trillion while market volume dropped 0.1% to US$22.25 billion in the last 24 hours.
