Bitcoin Increases While The Majority Of The Top 10 Cryptocurrencies Drops.

During Monday's afternoon trading in Asia, Bitcoin increased while Ether and the majority of other top 10 non-stablecoin cryptocurrencies declined. Although the International Monetary Fund (IMF) warned of possible economic stability risks in the wake of the banking turbulence, U.S. and European stocks rose while Asian stocks were split. After North Carolina-based First Citizens BancShares acquired all the debts from the defunct Silicon Valley Bank, American investors felt a little better.

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Fast Facts

• Between 4:00 p.m. until that time, Bitcoin increased 1.01% to US$27,806. around Hong Kong. The first cryptocurrency in history traded mostly last week at approximately $28,000 amid mounting worries about a potential banking collapse.

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• In the same time frame, Ether dropped 0.12% to US$1,752, for a weekly loss of 2.48%

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• The day's biggest winners were Bitcoin and Binance's BNB token, which increased 0.62% to trade at $326.24. The biggest decline was in Cardano's ADA, which plummeted 1.81% to US$0.35.

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• In the 24 hours leading up to 4 p.m., the market capitalization of cryptocurrencies climbed by 0.32% to US$1.16 trillion. trading volume on the cryptocurrency market in Hong Kong increased by 6.93% to US$33.32 billion.

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• The Forkast 500 NFT index lost 2.68% over the week and dropped 1.49% to 4,021.44 points. The index, which includes 500 valid contracts on every given day, serves as a proxied indicator of performance of the worldwide NFT market.

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• As First Citizens BancShares, the parent organization of First Citizens Bank, purchased all the loans and deposits of failing Silicon Valley Bank, investor concerns about a banking crisis in the United States were somewhat allayed. As a result, the S&P 500 increased by 0.56%.

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• As Kristalina Georgieva, managing director of the IMF, warned on Sunday that risks to financial stability had escalated as a result of a banking industry crisis in the U.S. and Europe earlier in the month, Asian shares were neutral on Monday. Georgieva added that the conflict in Ukraine, COVID-19-related limitations, and tightening monetary policy to combat sticky inflation would all cause global GDP to drop to only 3% this year.

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• The Shenzhen Component Index edged up 0.12% while the Shanghai Composite fell by 0.44%. Hong Kong's Hang Seng index fell 1.75% while Japan's Nikkei 225 increased by 0.33%.

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• Following a sharp sell-off last week, European bourses enjoyed a recovery, driven by increases in the banking industry. The benchmark STOXX 600 increased 0.97%, and the DAX 40 in Germany increased 1.11%.

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• After several tests of the US$2,000 level last week, gold fell 0.45% to US$1,968 an ounce on Monday. Although St. Louis Fed President James Bullard made it clear last Friday that the American central bank is preparing to continue tightening monetary policy, the U.S. dollar is battling to recover from a seven-week low.

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