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Bitcoin prices hovered around US$28,500 on Thursday afternoon in Asia. Dogecoin led the drop in all other top 10 non-stablecoin cryptocurrencies by market capitalization. Despite growing institutional interest in digital currencies globally, the cryptocurrency market remains subdued.\u00a0<\/p>\n
See related article: <\/em><\/strong>Shiba Inu\u2019s Shibarium layer-2 solution off to a rocky start<\/a><\/p>\n Bitcoin dipped 1.97% to US$28,584 in 24 hours to 4 p.m. in Hong Kong, bringing its weekly losses to 3.06%, according to CoinMarketCap data<\/a>. The world\u2019s biggest cryptocurrency\u2019s market cap fell 2.04% to US$555.2 billion as its trading volume increased 21.81% in the past 24 hours.<\/p>\n All other top 10 non-stablecoin cryptocurrencies were down with Dogecoin leading the losers.<\/p>\n \u201cIt\u2019s almost refreshing to see volatility pick up in crypto markets,\u201d said Justin d\u2019Anethan, head of Asia-Pacific business development at Belgium-based crypto market maker Keyrock.<\/p>\n \u201cWhile some might look for causes specific to crypto like the news of Binance<\/a> delisting a series of trading pairs\u2026 or maybe Coinbase<\/a> shares in a continuing downtrend, my suspicion is that the decline is macro driven. With bond prices down and rates up, investors will see most risk assets falling, as is certainly the case for equity indexes, gold and, yes, crypto,\u201d he added.<\/p>\n The declines in cryptocurrency prices come despite their continued adoption at the institutional level in the United States, Europe and elsewhere<\/a> in the world.\u00a0<\/p>\n On Wednesday, asset management firm Valkyrie filed an application<\/a> with the SEC for an Ethereum futures exchange-traded fund (ETF), called the Valkyrie Ethereum Strategy ETF. Coinbase Global \u2014 the largest cryptocurrency exchange in the U.S. \u2014 announced<\/a> on Wednesday that it has received approval from the National Futures Association to offer crypto futures to U.S. investors.\u00a0<\/p>\n These developments come in the same week that Europe\u2019s first<\/a> spot Bitcoin ETF was launched on Euronext Amsterdam under the name Jacobi FT Wilshere Bitcoin ETF.\u00a0<\/p>\n Many U.S. asset managers are still awaiting SEC approval to launch several spot Bitcoin ETF, including BlackRock<\/a>. The SEC was expected to announce its decision on Ark Investment\u2019s<\/a> spot Bitcoin ETF application on Aug. 13 but the agency said<\/a> it will solicit public comment on the ETF proposal, thereby pushing back the deadline.<\/p>\n \u201cI believe that the growing momentum to launch more cryptocurrency-related financial products reflects the growing interest and confidence in the importance of this technology to institutional investors, whether as a payment settlement method or as a trustworthy investment asset,\u201d Samer Hasn, market analyst at multi-asset broking firm XS.com, said in an emailed statement.<\/p>\n \u201cHowever, the concerns of lawmakers and regulatory hurdles will continue to hinder the launch of more of these financial products, as the crisis of confidence continues between cryptocurrency developers, legislators, and law enforcement authorities around the world,\u201d Hasn added.<\/p>\n The total crypto market capitalization fell 1.83% to US$1.14 trillion, while market volume rose 11.22% to US$35.66 billion.\u00a0<\/p>\n The indexes are proxy measures of the performance of the global NFT market. They are managed by CryptoSlam<\/a>, a sister company of Forkast.News under the Forkast.Labs umbrella.<\/strong><\/p>\n The Forkast 500 NFT<\/a> index dropped 0.63% to 2,454.32 in 24 hours to 6.30 p.m. in Hong Kong, bringing its weekly losses to 1.23%. Forkast\u2019s Ethereum, Solana and Polygon indexes all logged losses in the past 24 hours.\u00a0<\/p>\nETF momentum can\u2019t reverse Bitcoin\u2019s slide<\/strong><\/h2>\n
Small-cap NFTs fuel sales surge<\/strong><\/h2>\n