Bitcoin, Ether and other non-stable crypto cryptocurrencies fall

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Bitcoin, Ether and other non-stable crypto cryptocurrencies fall

Bitcoin fell Monday afternoon trade in Asia, along with Ether and all other top 10 non-stable cryptos, except Tron. The U.S. Federal Reserve's September meeting signaled a further interest rate hike by the end of the year, indicating that rates will remain higher for longer than anticipated.

NHN, a South Korean entertainment firm, plans to build blockchain games on Sui despite local bans.

Bitcoin lost 1.44% to US$26,182 in Hong Kong in 24 hours to 4 p.m. Monday, bringing its weekly losses to 2%, according to CoinMarketCap data. The world's biggest cryptocurrency had been hovering above US$26,500 over the weekend, but lost the support level early Monday.

In the past 24 hours, Ethereum lost 0.69% to US$1,580 and 3.27% on the week. The world's second largest cryptocurrency has dropped below the US$1,600 support level for the first time since Thursday.

EIP-4844, or Ethereum Cancun Upgrade, is a proposed Ethereum upgrade that aims to enhance the Ethereum network's speed and cost-effectiveness.

On Saturday, the average fee on the Ethereum blockchain platform fell to around US$1.15 per transaction, the lowest level since December 2022.

Mark Thielen, the head of research and strategy at digital asset service platform Matrixport, wrote on Monday.

In a statement, Thielen said, 'It's important to be clear,' he said.

All other top 10 non-stablecoins fell except Tron, which rose 0.41% to US$0.08434 in the past 24 hours and gained 0.53% on the week.

The total crypto market capitalization dropped 1.05% to US$1.04 trillion, while market volume rose 51.52% to US$22.17 billion.

The indexes serve as proxy measures of the global NFT market's performance. CryptoSlam, a sister firm of Forkast.News, manages the accounts under the Forkast.Labs umbrella.

The Forkast 500 NFT index fell 0.62% in Hong Kong to US$1.1 million at 7 p.m. in 24 hours, bringing its weekly losses to 2.82%.

The Forkast's Ethereum and polygon indexes also dropped, while the Solana index rose.

The number of NFT buyers increased by 5.93% to US$48,312, according to CryptoSlam data.

The Ethereum network topped the list of blockchains, up 33.47% to US$4.7 million. The Mythos and Polygon blockchains were ranked second and third respectively.

DraftKings ranked among the top collections in the list, but dropped 30.06% to US$1.04 million.

On Monday, the Asian stock market dropped significantly. China's Shanghai Composite, the Shenzhen Component Index, South Korea's Kospi, and Hong Kong's Hang Seng were among the declines, while Japan's Nikkei 225 rose at the end of trading hours.

The Dow Jones Industrial Average, the S&P 500 futures, and the Nasdaq 100 futures were all in the red.

The U.S. Central Bank on Wednesday kept its interest rates between 5.25% and 5%, but revised its economic projection to indicate one more interest rate hike by the end of 2023. It also predicts slower rate cuts throughout 2024.

On Monday, Amazon.com said it plans to invest as much as US$4 billion in an effort to become a major player in generative artificial intelligence.

s investing into a ChatGPT rival reinforces why almost all investors should have some AI exposure in their investment mix, said Nigel Green, founder and chief executive of financial management group deVere.

Green added: "It has been clear that we can do everything we can do to make this world a better place.

On Monday, the European bourses weakened, with the STOXX 600 benchmark and Germany's DAX 40 lower. Traders are stillassessing central bank activities from last week. France's central bank governor, Francois Villeroy de Galhau, told CNBC that it is 'premature' to bet on an interest rate cut by the European Central Bank.