Forkast NFT 500 Index Dips as Bitcoin and Ether Remain Stable
Bitcoin and Ether traded mostly unchanged, while most of the top 10 non-stablecoin cryptocurrencies saw a downtrend in Tuesday morning trading in Asia. Dogecoin rose, while Litecoin led the losers. The concerns about the solvency of US-based crypto bank Silvergate and the fallout from its potential failure are clouding the market. Ripple Labs is posting 69 open jobs in its offices across the world, mainly for software engineers. XRP gained 0.72% and was trading at US$0.37.
The total crypto market capitalization was little changed, moving 0.25% lower to US$1.02 trillion. The Forkast NFT 500 index, which measures the performance of the global NFT market, dipped 0.02%. Ethereum, the leading blockchain network for NFTs, saw sales rise 38.93% to US$22.4 million. Sales on Solana, the second largest NFT blockchain, rose 17.4% to US$3 million, while NFT sales on Polygon surged more than 500% over the 24 hours to US$2.38 million, placing the network in the top 3.
In the US, equities had a mixed day on Monday as traders await Federal Reserve Chair Jerome Powell’s comments to the Senate Banking Committee on Tuesday for insight into where interest rates are going. Investors are turning cautious as recent economic readings point to US inflation being more entrenched than previously thought, while Fed officials have said steeper interest rate hikes might be required. Federal Reserve Chairman Jerome Powell will speak before committees in Congress on Tuesday and Wednesday this week, which investors will focus on for pointers on where the central bank’s policy stands for its meeting later this month on raising interest rates.