Bitcoin fell back below US$20,000 after moving above that resistance line on Tuesday, while Ether also lost ground in early morning trading in Asia on Wednesday amid signs broader macroeconomic concerns are keeping a lid on cryptocurrency markets.
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- Bitcoin fell 2.5% in the past 24 hours to US$19,796 as of 8 a.m. in Hong Kong, while Ether lost 1.9% to US$1,523, according to data from CoinMarketCap. Both of the leading tokens have fallen more than 7% in the past week.
- Cardano was the only token in CoinMarketCap’s top 10 by market capitalization to make any headway, trading up 0.3% to US$0.45, and reducing its losses over seven days to about 2%.
- Leading memecoin Dogecoin posted the largest decline at 3.7% to US$0.061, while fellow memecoin Shiba Inu token — which sits just outside the top 10 — also fell 2.5% to US$0.00001218. Dogecoin is down about 9% over a week and Shiba Inu is off 7%.
- Some minor coins saw gains: Cosmos added 4% to US$11.90 and Flow gained 5% to US$2.
- U.S. equities continue their downward spiral overnight as last Friday’s tough remarks by the U.S. Federal Reserve on fighting inflation makes higher interest rates more likely ahead. The Dow Jones Industrial Average lost 1%, while the S&P 500 Index and the Nasdaq Composite Index both ended the day off 1.1%.
- As the U.S. is the world’s biggest economy and home to the largest financial markets, its moves on interest rates set the tone for all other markets, even as China has cut rates amid a broad economic slowdown and Japan is sticking with its ultra-low rate policy.
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