Bitcoin, the world’s largest cryptocurrency by market capitalization, dropped below US$28,000 on Monday afternoon in Hong Kong after breaching the mark earlier in the day. All top 10 non-stablecoin cryptocurrencies, excluding Tron (TRX), rose in the 24 hours leading to 4 p.m. in Hong Kong, with Ethereum leading gains at 2.8%.



Asian markets were mixed while European bourses and U.S. stock futures gained. A tentative agreement on Sunday between U.S. President Joe Biden and House Speaker Kevin Mccarthy to raise the world’s biggest economy’s debt ceiling boosted investors’ risk-taking appetite. 



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Justin Sun-linked tokens on the watch







Bitcoin’s see-saw of around US28,000 was part of its 2.51% rise over the past 24 hours, bringing its weekly gain to 3.95%, according to CoinMarketCap data. Ether, the world’s second-largest cryptocurrency, traded at US$1,900.  



TRX, the native cryptocurrency of the Tron blockchain founded by blockchain entrepreneur Justin Sun, fell 0.27% to US$0.07721. However, it managed a 0.95% increase over the previous week. TRX has been deflationary in recent months, with more than 13 million TRX tokens burned on Sunday, blockchain data shows .  



Huobi Token (HT), another cryptocurrency affiliated with Sun through his stake in the cryptocurrency exchange of the same name, also posted losses on Monday, falling 0.2%. This occurred despite Huobi’s announcement of offering spot and managed services to professional and retail customers. With a market value exceeding US$533, HT ranks as the 79th largest cryptocurrency in the world.  



Huobi said it officially submitted an application notice to the Hong Kong Securities and Futures Commission on Monday, to obtain a virtual asset exchange license. 



Hong Kong will allow retail trading for investors from June 1, as the city aims to become a crypto hub. 



The total crypto market volume rose 56.34% to US$33.67 billion, while total crypto market capitalization gained 2.04% to US$1.16 trillion in the last 24 hours.