Bitcoin made up some ground, while Ethereum posted the largest gain among the top 10 coins by market capitalization in Tuesday afternoon trading in Asia. Dogecoin was the second-largest gainer among the top 10.
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- Bitcoin gained 0.62% in the past 24 hours to trade at US$21,258 as of 4 p.m. in Hong Kong, but the largest crypto by market cap is still down 11.48% over the past seven days.
- Ethereum rose 2.48% in the prior 24 hours to US$1,599, though is also looking at a 15.03% decline over the past week, according to data from CoinMarketCap.
- Dogecoin gained 2.36% to change hands at US$0.068, but again it has fallen 16.45% over the past seven days.
- Solana, the only loser among the top 10, dipped 0.33%. Polkadot rose 3.43%.
- Asia equity markets mostly fell, following on from the slump on Wall Street overnight. The Nikkei 225 index dropped 1.19%. The Hong Kong Hang Seng index slipped 0.78%, while the Shanghai Composite index edged down 0.05%.
- China’s slowing economy remains a key concern for investors in Asia. The country’s unemployment outlays hit a record US$5.4 billion in June, and heat waves and droughts have led to power outages in the world’s second-largest economy. The nation’s central bank cut key lending rates on Monday, the second time in a week, to try and revive economic growth.
- Investors are also awaiting signals on the direction of interest rates that may come from U.S. Federal Reserve Chair Jerome Powell’s remarks this Friday in Jackson Hole, Wyoming, where central bankers will meet for an annual symposium starting on Aug. 25.
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