Markets: Bitcoin, Ether drop; Dogecoin rebounds - Yahoo Finance

Bitcoin and Ethereum prices fell during Tuesday afternoon trading in Asia along with most other top 10 non-stablecoin cryptocurrencies. Dogecoin was the exception in that list as it rebounded from its morning losses.
See related article: January weekly crypto product investment reaches highest since July, says CoinShares report
Bitcoin, the largest cryptocurrency by market capitalization, fell 2.89% to US$22,971 over 24 hours to 4 p.m. in Hong Kong, posting a 0.39% drop in the past seven days, according to data from CoinMarketCap. Ethereum dropped 3.05% on Tuesday afternoon and 3.53% for the week to trade at US$1,577.
Solana and Polygon posted the biggest losses among the top 10 cryptos. Solana fell 5.21% to US$24 and has dropped 3.11% in the past seven days. Matic, the native cryptocurrency of Polygon, lost 4.94% to US$1.1 but is up 7.74% over the past week.
Dogecoin was the sole winner among the top 10 cryptos on Tuesday afternoon, rising 6.98% to US$0.09454, after gaining 4.85% on the week. Elon Musk, Twitter chief and Dogecoin advocate, is reportedly exploring the possibility of adding crypto as a payments system for the social media platform.
Asian stock markets dropped on Tuesday as investors look ahead to policy announcements by major central banks this week. The U.S. Federal Reserve is meeting from Jan. 31 to Feb. 1 and is expected to raise interest rates by 25 basis points to cool inflation.
The Shenzhen Component closed Tuesday’s trading session 0.80% lower, and the Shanghai Composite fell 0.42%. Chinese chip makers are expected to face coming pressure after the U.S. reportedly secured a deal with Japan and the Netherlands last Friday to limit some machinery exports to China.
Hong Kong’s Hang Seng Index closed Tuesday down 1.03%, dipping for the second consecutive day to conclude its strong January rally.
South Korea’s Kospi lost 1.04%, and Japan’s Nikkei 225 fell 0.39%.
India’s Sensex index at the Bombay Stock Exchange was among the exceptions in Asian markets to gain on Tuesday, rising 0.08% at closing. Investors are on the lookout for the South Asian nation’s full year budget on Wednesday, the last report of its kind before the 2024 general elections. Economist Arvind Panagariya said India is more likely to present a budget that may boost the economy instead of a “populist” one.
See related article: India’s CoinDCX exchange says crypto tax rules are reducing government revenue
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Big investors are dipping their toes into crypto waters again after a bumper month for bitcoin. Digital asset investment products, often favored by institutional investors, saw inflows of over $117 million last week, the biggest weekly increase since last July, according to data from asset manager CoinShares. Bitcoin was far and away the biggest draw, with funds tracking it responsible for $116 million of that.
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Bitcoin fell along with Ether and all other top 10 non-stablecoin cryptocurrencies in Tuesday morning trading in Asia, wiping out most of Monday’s gains.
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Shares of Carvana Co. continued their “meme”-like surge Tuesday, rallying 10.0% toward a 2 1/2-month high in premarket trading despite no official news released. The online used-car retailer’s stock had run up 53.9% over the past two days, and 55.5% amid a three-day win streak through Monday.
U.K.-regulated cryptocurrency exchange Archax has launched a digital asset custody service with the blessing of regulators, as institutional crypto players button up their operations and try to rebuild trust in the sector. The London-based Archax and its new custody business are among the few offerings to have cleared the Financial Conduct Authority’s (FCA) high bar for firms dealing in digital assets. All assets held in custody will be entirely segregated and “solvency-remote” from the exchange, said Archax, meaning that if the trading business did go bust, custodied assets would not be included in any bankruptcy proceedings.
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