Bitcoin rises, Ether slips, most top 10 cryptos begin to pick up after SEC crackdown

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Bitcoin rose and Ether fell during Friday afternoon trading hours in Hong Kong, while most of the top 10 non-stablecoin cryptocurrencies by market capitalization saw a small rally following the U.S. Securities and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase

See related article: Crypto industry reacts to SEC’s lawsuit against Binance

Bitcoin inches up, SEC crackdown weighs on top cryptos

Bitcoin rose 0.15% from 7 a.m. to 4:30 p.m. in Hong Kong to US$26,593. Ether inched down 0.48% in the same timeframe, to US$1,840.

Cardano’s ADA token was the day’s biggest loser, falling 3.21% in the past 24 hours to US$0.3155, followed by the BNB token that fell 0.97% to US$258. BNB has traded below US$300 since Monday when the lawsuit against Binance broke the headlines.

Despite a small market recovery, crypto investor sentiment remains cautious after the SEC initiated legal action against Binance and Coinbase within 24 hours.

“In what seems like a premeditated, doubling down on regulation, the SEC’s actions have once again brought liquidity concerns to light, encouraging users to withdraw their funds from two of the largest platforms in the world. But it’s not all doom and gloom,”  Lucas Kiely, the chief investment officer of digital asset platform Yield App, told Forkast. 

“Both Binance and Coinbase have solid track records, which should be just enough to overcome this. So, despite prices getting a bit of an initial hit, the long-term fundamentals of BTC and ETH still appear bright.”

The total crypto market capitalization over the past 24 hours rose 0.19% to US$1.1 trillion and market volumes decreased 30.18% to US$25.81 billion, according to CoinMarketCap.

Ethereum NFT sales fall for second consecutive day, while Polygon NFT sales gain

The Forkast 500 NFT index fell 0.95% to 3,223.02 points in the 24 hours to 4:30 p.m. in Hong Kong and declined 4.39% during the week. 

Ethereum’s 24-hour NFT sales fell 12.30% to US$13.85 million, boosted by sales for the Captains collection, which rose 91.01% to US$1.1 million. Sales of the Mutant Ape Yacht Club rose 23.70% to US$628,637 while sales of Bored Ape Yacht Club NFTs inched up 1.48% to US$517,208. 

Polygon’s 24-hour NFT sales strengthened 17.32% to over US$2.7 million, for a second consecutive day, as sales for Weee Did It Palz NFTs rose 40.10% to US$392,025. The Forkast POL NFT Composite fell 0.8% to 978.75 points, along with all other Forkast Labs indexes.

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