Bitcoin drops below US$28,000, Tron’s deflation slows losses

Bitcoin, the world’s largest cryptocurrency by market capitalization, dropped below US$28,000 on Monday afternoon in Hong Kong after breaching the mark earlier in the day. All top 10 non-stablecoin cryptocurrencies, excluding Tron (TRX), rose in the 24 hours leading to 4 p.m. in Hong Kong, with Ethereum leading gains at 2.8%.

Asian markets were mixed while European bourses and U.S. stock futures gained. A tentative agreement on Sunday between U.S. President Joe Biden and House Speaker Kevin Mccarthy to raise the world’s biggest economy’s debt ceiling boosted investors’ risk-taking appetite.

See related article: Beijing releases Web3 white paper, highlights challenges in talent, rules

Justin Sun-linked tokens on the watch

Bitcoin’s see-saw of around US28,000 was part of its 2.51% rise over the past 24 hours, bringing its weekly gain to 3.95%, according to CoinMarketCap data. Ether, the world’s second-largest cryptocurrency, traded at US$1,900.

TRX, the native cryptocurrency of the Tron blockchain founded by blockchain entrepreneur Justin Sun, fell 0.27% to US$0.07721. However, it managed a 0.95% increase over the previous week. TRX has been deflationary in recent months, with more than 13 million TRX tokens burned on Sunday, blockchain data shows.

Huobi Token (HT), another cryptocurrency affiliated with Sun through his stake in the cryptocurrency exchange of the same name, also posted losses on Monday, falling 0.2%. This occurred despite Huobi’s announcement of offering spot and managed services to professional and retail customers. With a market value exceeding US$533, HT ranks as the 79th largest cryptocurrency in the world.

Huobi said it officially submitted an application notice to the Hong Kong Securities and Futures Commission on Monday, to obtain a virtual asset exchange license.

Hong Kong will allow retail trading for investors from June 1, as the city aims to become a crypto hub.

The total crypto market volume rose 56.34% to US$33.67 billion, while total crypto market capitalization gained 2.04% to US$1.16 trillion in the last 24 hours.

Story continues

Ethereum NFT sales surge

The indexes are proxy…



Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *