Bitcoin and Ether staged a rebound Thursday afternoon in Asia, with most other tokens in the top 10 cryptocurrencies by market capitalization following them higher in a tentative recovery from last week’s slump.

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Fast facts

  • Bitcoin gained 1.97% in the past 24 hours to trade at US$21,742.28 as of 4 p.m. Hong Kong, while Ethereum rose 4.87% to US$1,706.91, according to data from CoinMarketCap.
  • Most of the top ten cryptocurrencies gained  — XRP rose 1.79% and Solana moved up 3.88%. Cardano gained 2.62% and Dogecoin added 2.56%. However, all these tokens remain in the red for the last seven days. 
  • Ethereum Classic was the biggest gainer of the day in Asia, rising 11.46% to US$37.09, which is still trailing the token’s high earlier this month of US$45.51.
  • Another gainer was Ankr, rising 11.33% to US$0.04061. It is the native token of the Ankr ecosystem which launched a new staking service earlier this month.
  • Major Asia equity markets rose today, with the Shanghai Composite Index adding 0.97% and Hong Kong’s Hang Seng Index gaining 3.63%. Japan’s Nikkei 225 was up 0.68%.
  • U.S. Federal Reserve Chairman Jerome Powell will give a keynote speech at the Fed’s annual economic symposium in Jackson Hole, Wyoming, at 10 a.m. eastern time (10 p.m. Hong Kong) on Friday.
  • Investors across all markets are waiting for any indication of how the Fed views the pace of inflation and what it may mean for the direction of U.S. interest rates 
  • “Because of [the Fed’s influence over liquidity], global assets have been hit across the board, not just crypto, but stocks and real estate,” Wei Zhou, chief executive officer of Philippines-based e-wallet company told Forkast in an interview. “But I do think that eventually the ETH narrative, the real Web3 narrative in terms of user growth, will take over.”

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