Markets: Bitcoin, other tokens add to losses in Asia trading Monday

In Asia

Bitcoin and Ether extended their losses through late Asian trading on Monday, as did all the top 10 non-stablecoin cryptocurrencies by market capitalization. Dogecoin was the biggest loser as the future of the Twitter platform seemed unclear as employees quit. Twitter CEO Elon Musk had previously indicated Dogecoin may be used for payments on Twitter. 

See related article: FTX owes US$3.1 billion to top 50 unnamed creditors, court filing shows

Fast facts

  • Bitcoin fell 4.10% in the past 24 hours to trade at US$16,025 at 4:30 p.m. in Hong Kong, while Ether lost 7.85% to US$1,123, according to data from CoinMarketCap
  • Dogecoin was the biggest loser among the top 10 cryptocurrencies, down 10.92% to $0.075.
  • XRP fell 8.83% to $0.35 though it retained a slight gain of 1.24% over the past seven days after a series of cryptocurrency-related organizations, including The Blockchain Association and Coinbase, filed briefs to support Ripple Labs Inc. — the company that uses XRP to power its payment system — in its lawsuit with the U.S. Securities and Exchange Commission.
  • Polygon’s MATIC fell 8.56% to $0.79. Solana slumped 10.10% to $11.7, bringing its losses for the past week to 20.06%.
  • Asian equity markets were mixed. The Shanghai Composite Index fell 0.39%, Hong Kong’s Hang Seng Index lost 1.87%, while the Nikkei 225 Index rose 0.16%.
  • The Hang Seng Index dropped as a surge in Covid-19 cases in mainland China weakened expectations that Beijing will lift its strict zero-covid policy to stimulate the economy.

See related article: S.Korea, Singapore, Japan biggest users of FTX, says CoinGecko 

Read More: Markets: Bitcoin, other tokens add to losses in Asia trading Monday

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