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Bitcoin rose above US$27,000 in Tuesday afternoon trade in Asia and Ether climbed above US$1,800. All other top 10 non-stablecoin cryptos also strengthened, with Polygon<\/a> Leading gains followed by Tron. Investors continue to monitor US debt ceiling negotiations. Asian equities fell and US stock futures slipped. Crypto exchange Hotbit announced it is shutting down from May 22 and has asked users to withdraw their assets before June 21.<\/p>\n See related articles:<\/em><\/strong> Hong Kong? Singapore? Tokyo? Seoul? Dubai? The race is on for the Web3 hub of Asia. Part 1<\/a><\/p>\n Bitcoin, the world’s largest cryptocurrency, rose 1.71% to US$27,309 in the 24 hours to 4 pm in Hong Kong, bringing its weekly gains to 0.18%, according to CoinMarketCap<\/a> data. <\/p>\n Ethereum, the world’s second largest cryptocurrency, gained 2.35% to US$1,854, after rising 1.72% on the week. <\/p>\n \u201cMonetary policy remains a potent force for crypto markets and volatility could be fueled by a number of interventions from various [U.S.] Federal Reserve members and other central bankers today and during the week,” Denys Peleshok, head of Asia at London-based financial trading firm CPT Markets, said in an email. <\/p>\n \u201cMore aggressive comments from Federal Reserve members could put some pressure on Bitcoin and Ethereum,\u201d Peleshok added.<\/p>\n Polygon’s Matic token climbed the most, gaining 3.24% to US$0.8812, and is up 2.01% on the week. <\/p>\n Tron was the second biggest gainer in 24 hours, rising 2.78% to US$0.07861, and has gained 11.43% over the past seven days. <\/p>\n The total crypto market volume rose 35.99% to US$30.69 billion, while the global crypto market capitalization strengthened 1.54% to US$1.14 trillion. <\/p>\n Among crypto exchanges, Hong Kong-based Hotbit is the latest to cease operations, raising investor concerns that more exchanges may shut as regulations tighten. The exchange has asked all users to withdraw their remaining assets before June 21.<\/p>\n In August last year, hotbit said<\/a> it was forced to suspend operations for several weeks due to an investigation regarding a former Hotbit employee’s involvement in a project that violated laws. <\/p>\n \u201cCentralized exchanges (CEX) are becoming increasingly cumbersome, with highly complex and interconnected businesses that are difficult to comply with, whether for compliance or decentralization, and are unlikely to meet long-term trends,\u201d hotbit said<\/a> on tuesday. <\/p>\n \u201cThe industry has experienced a series of crises, including the collapse of FTX, bank crises causing USDC off-peg incidents, resulting in continuous outflows of funds from CEX users, including Hotbit, and deteriorating cash flow,\u201d it added. <\/p>\nTop 10 cryptos rise; Hotbit shuts operations<\/strong><\/h2>\n
Ethereum 24-hour NFT sales drop<\/strong><\/h2>\n