• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Saturday, May 31
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

    May 29, 2025

    ‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

    May 29, 2025

    DeSantis Signs Bill Making Gold And Silver Legal Tender

    May 28, 2025

    John Deere Announces $20 Billion Plan To Build Up American Manufacturing

    May 28, 2025

    EV Startup Promised To Cut China Ties — Then Reportedly Shared US Data Anyway

    May 27, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Finance»Bitcoin, Ether fall to month lows; Polygon leads losers; U.S. equity futures up as inflation cools
Finance

Bitcoin, Ether fall to month lows; Polygon leads losers; U.S. equity futures up as inflation cools

May 12, 2023No Comments5 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Bitcoin, Ether fall to month lows; Polygon leads losers; U.S. equity futures up as inflation cools
Share
Facebook Twitter LinkedIn Pinterest Email

Bitcoin prices slid on Friday morning in Asia to below US$27,000 amid concerns about shrinking liquidity and congestion on the network that are driving up transaction costs. Ether fell below support at US$1,800 as all top 10 non-stablecoin cryptocurrencies retreated. Polygon’s Matic led the losers. U.S. equity futures edged up as economic data on Thursday indicated inflation is slowing, raising optimism the Federal Reserve may halt its interest rate hikes in June.

See related article: Bitcoin network buckles under weight of BRC-20’s runaway success

Bitcoin, Ether fall to monthly lows

bitcoin on black background bitcoin laundering wi 2022 09 27 04 31 45 utc 1

Image: Envato Elements

Bitcoin slid 2.13% to US$26,974 in the 24 hours to 08:30 a.m. in Hong Kong, according to CoinMarketCap data, losing 6.63% for the week. The world’s largest cryptocurrency fell to US$26,781 at one stage on Thursday, the lowest price since March 28.

Congestion on the Bitcoin blockchain is fueling the slide, with a backlog of waiting transactions reaching almost 300,000 on Friday morning, over six times higher than the number on May 9. That was when the BRC-20 token standard was introduced to allow the minting of fungible tokens on the Bitcoin network and generated a surge in activity, according to data from blockchain researcher Jochen Hoenicke.

The jump in transaction volumes has raised concerns among Bitcoin developers. Luke Dashjr, a Bitcoin code contributor, emailed the Bitcoin developer community on Monday to suggest blocking the transactions of BRC-20 tokens, which “threaten the smooth and normal use of the Bitcoin network as a peer-to-peer digital currency.”

Bitcoin’s drop also comes amid rising concerns about liquidity. Jane Street Group and Jump Crypto, two of the world’s leading market makers, are reportedly quitting digital asset trading in the U.S., according to a Bloomberg report on Wednesday.

See also  Stocks making the biggest moves after hours: MSFT, GOOGL, SNAP, TDOC

Ether fell 2.34% to US$1,795, posting a weekly loss of 4.45%. The token dropped to US$1,774 on early Friday, the lowest price since April 3.

The Beacon Chain of the Ethereum Network briefly stopped validating transactions on early Friday morning, with Ethereum developers tweeting later that the outage had been resolved and the cause still under investigation.

All other top 10 non-stablecoin cryptocurrencies traded lower. Polygon’s Matic token led the losers, dropping 3.75% to US$0.8406 and retreating 14.45% for the week. The token logged a low of US$0.8332 earlier today, the lowest price since January 8, 2023.

The total crypto market capitalization fell 2.11% in the past 24 hours to US$1.12 trillion. The total trading volume dropped 17.87% to US$37.67 billion.

NFT index dips, Ethereum sales slide after Milady hype

The indexes are proxy measures of the performance of the global NFT market. They are managed by CryptoSlam, a sister company of Forkast.News under the Forkast.Labs umbrella.

In the non-fungible token (NFT) market, the Forkast 500 NFT index dropped 1.42% to 3,394.50 in the 24 hours to 10:30 a.m. in Hong Kong, down 7.14% for the week.

NFT sales on the Ethereum blockchain fell 47.62% in the past 24 hours to US$17.65 million, as the hype for Millady Maker NFT collection faded. Sales of Millady Maker dropped 86.53% to US$1.01 million, according to data from CryptoSlam.

NFT trading is slowing due to the recent memecoin hype, with very few new users entering the space, according to Eric Dettman, NFT advisor at CryptoSlam. NFT buyers on the Ethereum blockchain totaled 45,298 in the past seven days, a drop of 72.97%.

See also  Dow Jones Futures Rise: Jobs Report Looms As Tesla Breaks Out

Memecoins are also losing steam. The price of Ordi, the memecoin that accounts for more than 60% of the total market cap of BRC-20 tokens, has slid 31.43% in the past 24 hours, according to blockchain data tracker BRC-20.io.

Equity futures gain on slowing inflation data 

wall street wall st sign and broadway street ove 2022 12 16 03 27 03 utc

Image: Envato Elements

U.S. stock futures rose as of 11:00 a.m. in Hong Kong. The Dow Jones Industrial Average futures edged up 0.07%. The S&P 500 futures gained 0.14%. And the Nasdaq Composite futures added 0.25%. The three U.S. indexes closed mixed in regular trading on Thursday on investor concerns about banking risks.

The U.S. producer price index (PPI) in April logged an annual increase of 2.3%, lower than predictions of 2.4% and the slowest pace since January 2021, according to Reuters on Thursday.

U.S. initial jobless claims rose to 264,000 in the week ending May 6, beating expectations and reaching the highest level since October 2021, according to a Thursday Bloomberg report. Together with the PPI, the data points to a slowdown in the U.S. economy, which may prompt the Federal Reserve to leave interest rates unchanged in June.

On U.S. banks, PacWest Bancorp shares fell more than 20% on Thursday, after the California-based lender said its deposits declined approximately 9.5%  in the week ending May 5, sparking new concerns about the banking industry after a series of failures at lenders this year.

President Joe Biden and top lawmakers postponed Friday talks on raising the U.S. debt ceiling to early next week, according to CNN on Thursday, with the negotiations making little progress so far.

See also  China’s Investment in the Balkans: A Decade of Discontent

The Federal Reserve will decide on June 14 its next move on interest rates, which are now between 5 and 5.25%, the highest since 2006. The CME FedWatch Tool predicts a 87.1% chance the Fed will keep rates unchanged in June, and a 12.9% chance for another 25 basis-point rate hike, up from 3.9% on Thursday.

(Updates with equity section.)

See related article: Japan looks to regain its place in the cryptocurrency world pecking order

Bitcoin Cools Equity Ether fall Futures inflation leads Losers lows month Polygon U.S
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Positive, Beautiful and Funny Sayings to Welcome This Summer Month

May 20, 2025

Inflation Eased More Than Expected In April, Slowing To Lowest Level Since 2021

May 13, 2025

‘Exactly What We Want To See’: US Job Growth Beat Expectations For Second Month In A Row

May 2, 2025

80 Short June Quotes to Welcome This Beautiful Month and a Happy Summer

April 29, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Trump Attorney Evan Corcoran Testifies In Classified Documents Probe

March 25, 2023

7 Fine Line and Wrinkle-Blurring Serums Worth Trying

June 6, 2023

Boy Band Exo Sues Record Label to Escape ‘Slave Contract’

June 4, 2023

EXCLUSIVE: Left-Wing Programming Alive And Well Inside Massive US Food Conglomerate, Report Says

March 28, 2025
Don't Miss

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

Business May 29, 2025

Consumers’ Research issued a “Woke Alert” on Thursday warning American shoppers that three European companies…

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025

John Deere Announces $20 Billion Plan To Build Up American Manufacturing

May 28, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,136)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,645)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

PM Modi’s French Connection Gifts

July 14, 2023

Columbia School of Social Work to Hold ‘Teach In’ on October 7 Terror Attacks It Calls ‘Palestinian Counteroffensive’

December 6, 2023

The Transition to the Autonomy Economy and China-US Tech Competition

August 21, 2023
Popular Posts

EXCLUSIVE: ‘The Man She Is Today’: European Companies Accused Of ‘Importing’ Woke Ideology

May 29, 2025

‘The Economy Is On Fire!’: Kevin O’Leary Drops Fact Check On CNN Panelists Railing Against Trump’s Economy

May 29, 2025

DeSantis Signs Bill Making Gold And Silver Legal Tender

May 28, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.