Bitcoin and Ether fell along with most other cryptocurrencies on the top 10 list by market capitalization as concerns spread across capital markets about the housing slump in China, where real estate prices have fallen for 11 months and threaten to undermine the world’s second largest economy.
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Fast facts
- Bitcoin dipped 0.6% over the past 24 hours to trade at US$24,011 as of 3 p.m. in Hong Kong. Ethereum fell 1.4% to change hands at US$1,880, according to data from CoinMarketCap.
- Bitcoin fund outflows last week totaled US$21 million bringing the month-to-date figure to US$29 million, according to digital asset manager CoinShares.
- Solana saw the biggest decline in CoinMarketCap’s top 10, dropping 1.7% to trade at US$43.16. Dogecoin was the only one to clearly buck the trend, rising 5% to US$0.08 and bringing its gain over the past week to 10%. Cardano was little changed, adding 0.1% to US$0.55.
- China is becoming a bigger concern across all markets, especially as real estate makes up more than 20% of the economy by some estimates. The People’s Bank of China unexpectedly cut a key interest rate on Monday after poor industrial production numbers, resulting in part from Covid-19 lockdowns.
- In the U.S., investors await the Federal Open Market Committee minutes on Wednesday for insights into any shifts in the U.S. Federal Reserve’s views on inflation, and likely interest rate moves at its next meeting in September.
- Asia equity markets were mixed with Hong Kong’s Hang Seng Index losing 0.5% as of 3 pm in Hong Kong, while the Shanghai Composite Index, which has fallen 10% so far this year, was little changed with a 0.2% gain. The Nikkei 225 Index was also little changed, down less than 0.1%.
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