Bitcoin drops below US$27,000 with Cardano leading losses

Bitcoin fell below US$27,000 in Thursday afternoon trading in Asia. Ether and most other top 10 non-stablecoin cryptocurrencies also fell, but mostly posted weekly gains. Cardano was the day’s biggest loser. Litecoin led daily gains with an increase of 3.42%, followed by Polygon that rose 0.08%. 

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Bitcoin, Ether extend losses

Bitcoin fell 1.36% to US$26,805 in 24 hours to 4 p.m. in Hong Kong, according to CoinMarketCap data. The world’s biggest cryptocurrency strengthened 2.62% on the week. 

Ether, the world’s second-biggest cryptocurrency, dropped 0.82% in 24 hours to US$1,854, but gained 4.3% in the last seven days. 

Cardano’s ADA token fell the most in 24 hours, losing 3.13% to US$0.3641, while posting weekly gains of 2.05%. 

Litecoin and Polygon were the only gainers among top 10 non-stablecoin cryptos. Litecoin’s LTC token climbed 3.42% to US$92.41, and posted weekly gains of 9.89%. Polygon’s Matic token inched up 0.08% to US$0.89, after gaining 1.44% in the last seven days. 

The global crypto market capitalization dropped 0.92% to US$1.13 trillion, and the total crypto market volume declined 8.82% to US$31.77 billion in the last 24 hours. 

Meanwhile, Hong Kong is sending out positive vibes to the cryptocurrency industry with its aim to be a global crypto hub, and began its new licensing regime on June 1. Digital asset platform OSL said in an emailed statement on Thursday that it has applied for an “uplift” to its existing license with the Securities and Futures Commission (SFC) of Hong Kong to facilitate retail trading.