Bitcoin and Ether rose on Tuesday afternoon in Asia, while the other top 10 cryptocurrencies excluding stablecoins traded mixed. BNB, the native token of the world’s largest crypto exchange Binance, led the gains.
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Bitcoin still below $26,500
Bitcoin rose 0.24% to $26,260 in the last 24 hours to 4 p.m. in Hong Kong, according to data from CoinMarketCap. The world’s largest cryptocurrency has lost 2.26% over the past seven days as declines in global stock markets and a strong dollar put pressure on risk assets.
Bitcoin saw minor outflows last week for the third consecutive day, totaling $6 million, according to European cryptocurrency investment firm CoinShares.
Ether, the world’s second-largest cryptocurrency, rose 0.43% to $1,588 in the last 24 hours but is down 2.97% week-on-week.
“Ethereum continues to suffer, with outflows totaling $2.2 million for the sixth straight week. Multi-asset investment products have also suffered this year, experiencing small but steady outflows, now totaling $32 million year to date,” CoinShares said in an emailed statement.
“However, it appears that investors in the altcoin space are becoming more sophisticated as inflows into XRP and Solana continue to total $0.66 million and $0.31 million, respectively,” the report said .
Inflows to Europe totaled $16 million last week, where investors see the recent regulatory disappointment as an opportunity. While US investors withdrew $14 million, apparently in continued excitement over recent events, CoinShares added.
BNB, the native token of the world’s largest crypto exchange Binance, gained the most, rising 1.41% to $212 in the last 24 hours, despite losing 2.13% for the week.
Binance Japan and Mitsubishi UFJ Trust and Banking Corporation, the largest banking group in Japan, are collaborating to issue fiat-pegged stablecoins. The partnership will leverage “Progmat Coin,” a stablecoin issuance and management platform operated by Mitsubishi’s trust bank. Originally announced in February 2022, the platform aims to support the issuance of yen-pegged stablecoins on public blockchains.
Total crypto market cap increased by 0.32% to $1.05 trillion in the last 24 hours, while market volume fell 0.1% to $22.25 billion.