Markets: Bitcoin, Ether fall; Solana, DOGE extend their declines

Timmy Shen
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Bitcoin and Ether traded lower in Thursday afternoon trading in Asia. Solana saw the largest fall among the top 10 tokens by market capitalization, followed by Dogecoin. Asia equity markets were softer after minutes from the U.S. Federal Open Market Committee showed Fed Reserve officials saw little sign of inflation slowing.

See related article: Markets: Bitcoin, Ether decline; memecoins fall back, XRP holds gains

Fast facts

  • Bitcoin fell 1.74% in the past 24 hours to trade at US$23,413 as of 4 p.m. in Hong Kong. Ethereum was flipping hands at US$1,846, down 2.63%, according to data from CoinMarketCap.

  • Solana lost 5.04% at US$40.98, and Dogecoin dropped 3.92% to US$0.0813. Shiba Inu fell 5.37%, but it is still up 20.51% over the past seven days.

  • On Asia equity markets, the Nikkei 225 closed down 0.96%. The Hong Kong Hang Seng index was off 0.8%, and the Shanghai Composite index edged down 0.46%.

  • The FOMC minutes released on Wednesday in the U.S. indicated interest rates in the U.S. will likely continue rising until inflation is brought under control. Investors in Asia are also concerned about a slowdown in China’s economy.

  • Chinese Premier Li Keqiang met with top officials in Shenzhen on Tuesday and urged them to support local businesses. “We’re currently at the most difficult point of economic stabilization,” Li said, as reported by the state-run Xinhua News Agency. “We must cement the economic recovery with a sense of urgency as time waits for no man.”

See related article: U.S. federal deposit insurer allegedly deterring banks from doing business with crypto firms

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