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Bitcoin rises on day, most top 10 cryptos drop

Pauline Bernaudo March 27, 2023 2 min read
Bitcoin rises on day, most top 10 cryptos drop

Bitcoin rose while Ether and most of the other top 10 non-stablecoin cryptocurrencies fell during afternoon trading in Asia on Monday. U.S. and European equities strengthened while Asian equities were mixed, after the International Monetary Fund (IMF) warned of potential financial stability risks in the wake of the banking turmoil. U.S. investors saw some relief after North Carolina-based First Citizens BancShares bought all the loans of failed Silicon Valley Bank.

See related article: Cryptocurrencies bounce back despite fed rate hike

Fast facts

  • Bitcoin rose 1.01% to US$27,806 in the 24 hours to 4:00 p.m. in Hong Kong. The world’s first cryptocurrency hovered around US$28,000 for most of last week, amid looming concerns of a potential banking crisis.
  • Ether fell 0.12% to US$1,752 in the same timeframe, making for a weekly drop of 2.48%.
  • Bitcoin saw the day’s biggest gains, followed by Binance’s BNB token that rose 0.62% to change hands at US$326.24. Cardano’s ADA saw the biggest drop, as it fell 1.81% to US$0.35.
  • The global cryptocurrency market capitalization increased by 0.32% to US$1.16 trillion in the 24 hours to 4 p.m. in Hong Kong, with total crypto market trading volume up by 6.93% to US$33.32 billion.
  • The Forkast 500 NFT index fell 1.49% to 4,021.44 points, losing 2.68% during 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.
  • U.S. investor concerns over a banking crisis partially eased after First Citizens BancShares, the parent company of First Citizens Bank, bought all the loans and deposits of failed Silicon Valley Bank, resulting in a 0.56% gain for the S&P 500.
  • Asian equities were mixed on Monday, after the IMF’s managing director Kristalina Georgieva warned on Sunday that financial stability risks have increased after a banking sector crisis in the U.S. and Europe earlier this month. Georgieva also said that global growth would slow to just 3% this year due to war in Ukraine, Covid-19 related restrictions and monetary policy tightening to tackle sticky inflation. 
  • The Shanghai Composite slid 0.44% while the Shenzhen Component Index inched up 0.12%. Japan’s Nikkei 225 rose 0.33% and Hong Kong’s Hang Seng index dropped 1.75%.
  • European bourses saw a rebound after a steep sell-off last week, led by gains in the banking sector. The benchmark STOXX 600 rose 0.97% and Germany’s DAX 40 gained 1.11%.
  • Gold fell 0.45% to US$1,968 an ounce on Monday, after testing the US$2,000 mark multiple times last week. The U.S. dollar is struggling to recover from a seven-week low, after St. Louis Fed President James Bullard clarified last Friday that the U.S. central bank is planning further monetary tightening.

See related article: What impact will Ethereum’s Shanghai upgrade have on ETH and crypto markets?

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