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Bitcoin, Ether extend declines amid U.S. lawsuit against Binance; Asian equities mixed

Bitcoin, Ether extend declines amid U.S. lawsuit against Binance; Asian equities mixed
Bitcoin and Ether extended their declines in Tuesday afternoon trade in Asia, along with most other top 10 non-stablecoin cryptocurrencies by market capitalization, after regulators in the U.S. pulled up Binance, the world’s biggest crypto exchange, for allegedly violating trading mandates . Asian markets mostly gained on Tuesday, reflecting a rise in U.S. equities on Monday, as investor sentiment picked up following a slew of positive announcements that eased fears of a banking sector crisis. 



See related article: Binance rejects U.S. charges of violating trading rules, manipulating markets



Fast facts




Bitcoin, the world’s biggest cryptocurrency by market cap, lost 3.06% to US$26,960 in 24 hours to 4 p.m. in Hong Kong, according to data from CoinMarketCap , declining 2.22% in the last seven days. Ethereum dropped 1.61% to US$1,724, after losing 0.6% on the week.



BNB, the native token of the world’s largest crypto exchange Binance, saw the biggest decline among top 10 cryptos. The token dropped 5.19% in the last 24 hours to US$309, after the U.S. Commodity Futures Trading Commission said Monday it filed a “civil enforcement action” lawsuit against Binance and its top executives for allegedly breaking trading rules.



XRP was the only token among top 10 cryptos to gain in Tuesday afternoon trade in Asia, climbing 5.61% to US$0.4843, and has risen 25.47% on the week. The gains come as Ripple Labs, whose payment network is powered by XRP, expects to win a lawsuit filed against it by the U.S. Securities and Exchange Commission for allegedly selling US$1.3 billion in unregistered securities.



The global crypto market capitalization dropped 1.96% to US$1.13 trillion, while the total crypto market volume gained 30.1% to US$43.42 billion in the last 24 hours. 



The Forkast 500 NFT index fell 0.54% to 4,004.93 on the day and declined 3.34% on the week. The index is a proxy measure of the performance of the global NFT market and includes 500 eligible smart contracts on any given day.



Asian equity markets mostly rose on Tuesday after concerns regarding a banking industry crisis eased. Hong Kong’s Hang Seng Index rose 1.11%, South Korea’s Kospi increased 1.07% and Japan’s Nikkei 225 gained 0.15%. 



The Shanghai Composite lost 0.19% and the Shenzhen Component Index dropped 0.72%, over concerns that Covid-19 related disruptions continue to hamper China’s economic recovery . 



Gold slid 0.24% to US$1,951 an ounce, after falling 1% on Monday. The precious metal remains under its one-year high of US$2,000 that it touched last week.



European bourses rose for a second consecutive day. The benchmark STOXX 600 gained 0.34% and Germany’s DAX 40 advanced 0.5%. 



European Central Bank President Christine Lagarde will speak at the opening ceremony of the Bank for International Settlements’ Innovation Hub Eurosystem Centre later Tuesday.



London’s benchmark FTSE 100 rose 0.43% during the day, after Bank of England Governor Andrew Bailey said the country’s financial system is resilient and has robust capital, but warned that interest rates may move higher.



See related article: Is our banking system obsolete?

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