On May 1, 2023, Bitcoin and Ether experienced a drop in value in Asia due to renewed concerns about the US banking system. The US regulators’ approval of JPMorgan’s acquisition of First Republic Bank’s assets triggered this concern. Solana and Litecoin were among the top 10 cryptocurrencies that fell, while Binance’s BNB was the only gainer. The total cryptocurrency market capitalization fell by 1.95%, while the total cryptocurrency market volume increased by 66.78%. The Forkast 500 NFT index also declined, while Bored Ape Yacht Club experienced a surge in sales volume.
On Monday, US stock futures traded mixed, with Japan’s Nikkei 225 gaining 0.92%. The US Federal Reserve’s decision on interest rates is expected on May 3, and analysts predict a 25-basis-point hike. The European Central Bank is also expected to increase interest rates on Thursday, but the extent of the hike is uncertain.
