Bitcoin fell along with Ether and all of the other top 10 non-stable cryptocurrencies in Tuesday morning trading in Asia, wiping out most of Monday’s gains. Cryptocurrencies followed the slide in US stock markets overnight as traders appeared to be taking profit ahead of this week’s Federal Reserve meeting on rates and a slew of tech gains. Solana led the losers. Dogecoin cut its losses in reports Twitter Inc. boss Elon Musk is looking to add payment systems to the social media platform and is a well-known fan of the token.

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Fast facts

  • Bitcoin fell 3.9% to $22,836 in the 24 hours to 8 a.m. in Hong Kong, taking its losses to 0.6% over the past seven days. Ether fell 4.8% to $1,566 on Tuesday morning and is down 3.8% on the week, according to data from CoinMarketCap.

  • Solana lost 8.1% to change hands at $23.91, down 1.8% on the week after the token posted the biggest gains on CoinMarketCap’s top 10 list on Monday.

  • Cardano fell 6.3% to $0.37, a loss of 1% over the seven days. Polygon fell 7.5% to $1.09, however it was still trading 9% since last Tuesday.

  • Leading memecoin Dogecoin fell 1.5% to $0.08, keeping its losses at 1% for the week. On Monday, the Financial Times reported that Musk, the world’s second-richest person, is exploring adding payment systems to Twitter that may include crypto. Musk is a longtime Dogecoin advocate.

  • US stocks fell on Monday. The Dow Jones Industrial Average fell 0.8% and the S&P 500 Index lost 1.3%. The Nasdaq Composite Index fell 2% on its worst trading day in five weeks.

  • The Fed will meet from January 31 to February 1 and is expected to raise interest rates by 25 basis points, breaking the streak of increases of 50 or 75 basis points since last March in an attempt to reduce the pace of inflation. . The rate decision is expected on Wednesday.

  • The Fed’s aggressive rate hikes last year seem to be having the desired effect on inflation. In December, the US Consumer Price Index rose 6.5% year-on-year, well below the 7.1% recorded in November and the biggest monthly drop since April 2020.

  • Investors are also bracing for earnings announcements from technology leaders this week, including Apple Inc., Inc. and Alphabet Inc., the parent company of search engine Google. Nonfarm payroll data will also be released on Friday, another key inflation indicator.

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