Bitcoin and Ether fell in Asia on Thursday morning, with most of the top 10 non-stablecoin cryptocurrencies by market cap down. Solana lost his 11% of its value, making it the steepest drop on that list, followed by Cardano and Polkadot.
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- Bitcoin fell 0.98% to US$16,552.32 in the 24 hours to 8am in Hong Kong, while Ether fell 1.87% to trade at US$1,190. CoinMarketCap data.
- Bitcoin’s price has been below US$17,000 for most of December, still reeling from the ongoing FTX.com bankruptcy proceedings and expectations of more interest rate hikes in the future.
- Global cryptocurrency market capitalization fell by 1.55% to $794.72 billion, while total cryptocurrency trading volume increased by 11.59% to $30.79 billion.
- Solana fell 11.96% to $9.76, down 19.5% over the past seven days. Earlier this week, his two leading non-fungible token (NFT) collections in that ecosystem, his DeGods and Y00ts, announced that he plans to migrate to Ethereum and Polygon within the next year.
- Solana has also been affected by the downfall of FTX founder Sam Bankman-Fried. Compared to the beginning of 2022, Solana has lost nearly 95% of its value, dropping it off the top 10 cryptocurrency list.
- Cardano fell 4.58% to $0.2485, Polkadot fell 4.35% to $4.29, and Dogecoin fell 4.5% to $0.07. Apart from Tron, which rose 0.09%, other top 10 cryptocurrencies were also in the losing column.
- Kraken, one of the world’s largest cryptocurrency exchanges, announced on Wednesday that it would no longer continue operations Japan is blaming the world for its currently weak crypto market.
- US stocks closed lower on Wednesday. The Dow Jones Industrial Average dropped 1.1%, the S&P 500 Index dropped 1.2% and the Nasdaq Composite Index dropped 1.35%.
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