Bitcoin fell back in late afternoon trading on Tuesday in Asia, losing steam after a run up of more than 4% in the past seven days. Ethereum continued its rally amid the buzz around the so-called “merge” when it shifts from proof-of-work to proof-of-stake, gaining more than 12% week-on-week. Polkadot and Solana fell back after starting the week stronger.
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- Bitcoin changed hands at US$23,826 as of 4:30 p.m. in Hong Kong, off 0.21% in the prior 24 hours. Ethereum gained 2.35% to US$1,772, according to data from CoinMarketCap.
- Solana reversed gains from the morning and dipped 0.56%. Polkadot followed the same track and lost 0.85%.
- Dogecoin, the 11th largest coin by market cap, gained 2.92%.
- The total cryptocurrency market cap stood at US$1.12 trillion, up from US$1.05 trillion a week ago, CoinMarketCap data showed.
- Asian equity markets were little changed amid uncertainty about China’s economy, Taiwan and the direction the U.S. Fed may take with interest rates. The Shanghai Composite index closed up 0.32%, with the Hong Kong Hang Seng index edging down 0.17% and the Nikkei 225 index losing 0.88%.
- Andrew Sullivan, a market analyst and former equities broker, said investors are unsure which way to move regarding the state of the U.S. economy and what the Fed will do next.
- He said more interest rate increases by the Fed could benefit Bitcoin. Some investors do look at cryptocurrencies as being a hedge of sorts in these environments and a safer place to be sitting in the meantime, he said.
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