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Bitcoin, Ether Dip in ‘Bearish Asia Session’ as China Rate Cut Fails to Inspire Risk Buying

Bitcoin and ether were again trading lower in Asian hours, continuing the year-long trend of losing ground mainly when America is asleep. The decline comes as traditional markets turn a blind eye to China’s interest rate cut and remain risk-averse.

At press time, bitcoin, the top cryptocurrency by market value, was trading near $46,600, representing a 0.5% drop on the day. Ether was changing hands near $3,850, down nearly 2% on the day.

Data provided by options trader Fredrick Collins shows that bitcoin and ether have consistently faced selling pressure during the Asian hours this year. Most of year-to-date gains made by bitcoin and ether, 60% and 420% respectively, have come during the American hours, represented by 8:00 am to 6:00 pm New York time.

Both cryptocurrencies have taken a big hit in recent weeks, dragging the broader crypto market lower as the U.S. Federal Reserve and other major central banks began unwinding the liquidity-boosting stimulus to contain inflation.

Bitcoin has declined more than 30% since peaking near $69,000 on Nov. 10, with sellers dominating the market during the Asian hours – 8:00 am to 6:00 pm Beijing time.

The trend continued on Monday despite the People’s Bank of China (PBOC) taking steps to cushion the economy from the negative impact of property market woes and renewed coronavirus concerns.

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