Bitcoin fell during Thursday afternoon trading in Asia along with all other top 10 cryptocurrencies, excluding stablecoins, led by declines in Polygon’s Matic.

Fast facts

Bitcoin lost 1.46% in the past 24 hours to trade at US$16,597 at 4 p.m. in Hong Kong, and Ether fell 3.54% to US$1,204, according to data from CoinMarketCap.

Polygon’s Matic led losses among the top 10 cryptos, falling 5.2% to $0.88, despite being one of the strongest performing tokens over the past week after its issuer Polygon on Monday announced a partnership with Nike.

XRP dropped 2.59% to US$0.38, though it rose 2.44% for the past seven days after crypto exchange Coinbase submitted an amicus brief on Monday in support of Ripple Labs – whose payment system is powered by XRP – in the ongoing lawsuit against them filed by the U.S. Securities and Exchange Commission.

Cardano lost 3.85% to change hands at US$0.33, Solana fell 0.77% to US$14.25, now 8.46% down for the past week, and Dogecoin dropped 3.92% to US$0.086.

Asia equity markets fell following Wall Street’s losses overnight. The Shanghai Composite Index inched 0.15% lower, the Nikkei 225 closed 0.35% down, and the Hong Kong Hang Seng Index dropped 1.15%

The Hang Seng Index fell 2.09% in morning trade as Chinese technology stocks lost ground after Chinese tech giant Tencent announced it will slash its stake in the Hong Kong-listed shopping platform Meituan. Tencent’s stake in Meituan exceeds US$20 billion.

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