Bitcoin and Ether dropped in afternoon trading in Asia along with almost every other top 10 cryptocurrency by market capitalization, excluding stablecoins. MATIC was the only coin to gain.
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- Bitcoin lost 2.57% in the past 24 hours to trade at US$20,650 at 4 p.m. in Hong Kong, and Ether fell 4.42% to US$1,550, according to data from CoinMarketCap.
- SOL led losses among the top 10 cryptos, declining 14.32% to US$30.90 as Solana’s Breakpoint conference in Lisbon, Portugal, concluded on Monday without fully meeting investors’ expectations.
- Dogecoin dropped 8.31% to US$0.11, down 20% so far in November, as enthusiasm faded following Elon Musk’s purchase of Twitter last month and as reports emerged that over half a million Twitter users had flocked to decentralized alternative Mastodon. Musk is a long-time supporter of the leading memecoin and has hinted at integrating it into Twitter as a payment method.
- XRP slumped 5.30% to US$0.46, and Cardano fell 5.59% to US$0.40. MATIC was the only crypto in the top 10 to post positive returns, inching up 0.27% to US$1.16.
- Asia equity markets rose following Wall Street’s gains on Friday. The Nikkei 225 closed 1.21% up in Tokyo, the Shanghai Composite Index rose 0.23%, and the Hong Kong Hang Seng Index gained 2.69%. China’s exports in U.S. dollar terms dropped 0.3% in October from a year earlier, falling far below the 4.3% increase forecast by Reuters and declining for the first time since May 2020.
- Morgan Stanley has projected that Tuesday’s U.S. midterm elections will not lead to direct and immediate impact on China, despite recent proposals made to the Senate Banking Committee for U.S. companies investing in China to be screened over what Senator Robert Casey called “national security” concerns. If such proposals do go ahead, the investment bank expects the information technology, industrials, and healthcare sectors to be most impacted.