After briefly breaking the US$29,000 barrier on Thursday, bitcoin fell in Friday morning Asian trading but continued to trade above that level. As investors took some profits off the recent rally, trading in the other top 10 non-stablecoin cryptocurrencies was mixed. BNB, the native token of the Binance exchange, led the winners despite the mounting regulatory challenges the exchange faces in the U.S. The world’s largest Bitcoin and Ethereum options exchange, Deribit, is set to expire over $4 billion worth of Bitcoin options on Friday, which could increase the volatility of Bitcoin and other cryptocurrencies over the weekend. As of 9:00 a.m., the Forkast 500 NFT index was up 0.06% at 4,008.23.
Investors in NFTs are anticipating the opening of a bridge between Ethereum and DeGods, a Solana-based NFT collection, so that DeGods owners can transfer their NFTs to the Ethereum blockchain. The banking system is stabilising after a string of lender failures and sporadic bank runs, according to a decline in lending by the Federal Reserve to American banks in the week ending March 29. Investors are anticipating Friday’s U.S. Personal Consumption Expenditures index for additional clues about the potential course of the Fed’s initiative to reduce inflation. The outlook for the upcoming Fed meeting on May 3 is unclear to analysts.
