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Bitcoin drops near US$26,000 amid U.S. debt uncertainties

Bitcoin drops near US$26,000 amid U.S. debt uncertainties
Major cryptocurrencies fell across the board on Thursday morning in Asia. Bitcoin fell to trade at just above US$26,000, while all other top 10 non-stablecoin cryptos also recorded losses. Uncertainty in the macroeconomic environment has contributed to the overall crypto market decline, as investors assess the ongoing U.S. debt ceiling talks and the latest Federal Reserve meeting minutes released Wednesday.



Bitcoin, Ether fall







Bitcoin dropped 4.26% over the last 24 hours to US$26,003 at 9:30 a.m. in Hong Kong, according to data from CoinMarketCap. The world’s largest cryptocurrency by market capitalization was down 5.04% over the past seven days.



Ether lost 4.07% in the past 24 hours to US$1,773, down 2.79% over the past week.



“Risk assets fell across the board, led by pessimism about the U.S. debt ceiling negotiations and the Fed’s stance on interest rates,” said Justin d’Anethan, head of APAC business development at Belgium-based crypto market maker Keyrock.



“With regards to crypto specifically, ironically, there’s no massively negative narrative, so the trend is led by macro sentiment and not by any industry issue,” d’Anethan added.



Solana was the biggest loser among the top 10 non-stablecoin cryptos. It sank 4.95% in the last 24 hours to US$18.9, and logged a 10.08% loss for the week.



“It’s worth noting that with crypto prices rising more than traditional markets throughout the first half of the year, it’s not impossible that many traders would rather lock in profits in the face of a difficult rate or macro environment, potentially preparing for a deeper pullback,” d’Anethan said.



Litecoin, the 13th largest crypto, fell 8.76% in the last 24 hours. After a surge at the beginning of the month, it has dropped 10.61% in the past week.



Meanwhile, Changpeng Zhao, founder of crypto exchange Binance, tweeted Thursday that Chinese state broadcaster CCTV’s coverage of Hong Kong’s crypto trading regulatory regime could signal more positivity ahead for crypto markets. 



“Historically, coverages like these led to bull runs,” he tweeted. 



CCTV (China Central Television) just broadcasted crypto. It's a big deal. The Chinese speaking communities are buzzing. Historically, coverages like these led to bull runs. Not saying past predicts the future. And not financial advice. https://t.co/2wcArnPI93 — CZ

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