Bitcoin gained along with most other top 10 tokens by market capitalization in early morning trading in Asia, though Ether was the pace leader with the larger climb. U.S. equities were little changed overnight.
See related article: Markets: Bitcoin edges up, Ether posts biggest gain among top 10 tokens
- Bitcoin added 0.6% to US$21,529 in the 24 hours to 8 a.m. in Hong Kong, while Ether added 2.51% to US$1,662, the largest gainer in the top ten, according to CoinMarketCap.
- The two biggest tokens are still trying to shrug off a slump that has pushed Bitcoin 11% lower in the past seven days. Ether is down more than 13% in the same period ahead of the upcoming Merge of its blockchain.
- All other tokens in CoinMarketCap’s top 10 were up less than 1%, with the exception of BNB which slipped 0.1% to US$299.46. Solana gained 0.6% to US$36.35
- Polkadot, which sits just outside the top 10, added 3.3% to US$7.64.
- In equities, The Dow Jones Industrial Average finished Tuesday down 0.5%, the S&P 500 Index closed 0.2% lower, while the Nasdaq Composite Index was flat.
- U.S. equities slumped Monday amid concerns about China’s slowing economy, while the direction of U.S. interest rates is another major concern for investors.
- China’s unemployment outlays reached a record US$5.4 billion in June, while heat waves and drought cause power outages in regions that rely on hydroelectricity. To try to revive economic growth, the country’s central bank lowered lending interest rates for the second time in a week on Monday.
- Investors remain on edge about further rises in interest rates in the U.S. to slow inflation, and are looking to the Federal Reserve’s annual economic policy symposium at Jackson Hole, Wyoming, on Friday for guidance on how the Fed may proceed.
See related article: New US bill to give CFTC oversight of cryptocurrencies may speed up crypto legislation in other markets