Bitcoin, Ether extend losses; Polygon, Solana biggest losers


Bitcoin and Ether fell in Wednesday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. U.S. equities fell on Tuesday while treasury yields rose sharply, as investors weighed in higher interest rates in the world’s largest economy and recessionary pressures.

See related article: Hong Kong to invest US$6.37 million to spur Web3 growth

Fast facts

  • Bitcoin fell 3.7% to US$24,079 in 24 hours to 4 p.m. in Hong Kong on Wednesday, but it gained 8.82% on the week. Ethereum lost 3.57% to US$1,644, but rose 6.23% in the last seven days, according to CoinMarketCap.

  • Solana and Polygon’s Matic token were the biggest losers in the top 10 cryptos, with both down by 8.55% on the day. Matic fell to US$1.35 and Solana declined to US$23.81. But both made gains on the week, with Matic up 8.96% and Solana 10.46%.

  • Asian markets declined on Wednesday. The Shenzhen Component Index dropped 0.57%, while the Shanghai Composite slipped 0.47%.

  • Japan’s Nikkei 225 dropped 1.34%, while Hong Kong’s Hang Seng Index slipped 0.51% on Wednesday. Hong Kong presented its 2023/24 budget on Wednesday and announced measures to boost economic recovery dampened by the Covid-19 restrictions.

  • “[Hong Kong’s] 2023-24 Budget is a positive signal of continuing planning and investment for a smart and sustainable city, which will open the way for a rapid digital transformation of the local market,” Daniel Cham, general manager for Workday Greater China, said.

  • Wall Street posted its worst performance of the year on Tuesday, as tech stocks saw a widespread decline. The S&P 500 fell 2% and the Dow Jones Industrial (DJI) slid 2.06%.

  • European equity markets are heading for a lower open on Wednesday due to global economic uncertainty and another potential rate hike from the U.S. Federal Reserve. Germany’s DAX 40 lost 0.3% while Stoxx 600 futures were down around 0.5%.

  • See related article: Coinbase reports growth in Q4 earnings despite decline in users



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