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Bitcoin and Ether fell in trading in Asia on Wednesday morning, along with other top 10 volatile cryptocurrencies, as investors appeared to be taking profits after strong gains since the start of the year. Polkadot has seen the biggest loss. U.S. stocks had a mixed Tuesday amid lower profit guidance from Microsoft and the release of the U.S. Purchasing Managers’ Index, or PMI. The index measures business trends and reached 46.6. While this beat expectations, a number below 50 indicates a shrinking economy.

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Fast facts

  • Bitcoin traded 1.3% lower at $22,688 in the 24 hours to 8:45am in Hong Kong, but was still up 6.8% over the previous calendar week. Ether fell 4.6% to $1,555, down 1.2% for the week, according to CoinMarketCap.
  • Polkadot fell 6.7% to $6.15, the biggest decliner among the top ten. For the week, the token continues to rise by 2.8%.
  • Solana lost 5.7% to change hands at $22.92, bringing weekly losses to 0.2%. Cardano fell 5.7% to trade at $0.35, though it was still up 2.1% for the week.
  • Total crypto market capitalization fell 2.2% to $1.03 trillion in 24 hours, while trading volume fell 6.4% to $52.7 billion.
  • In US stock markets, the Dow Jones Industrial Average rose 0.3%, while the S&P 500 lost 0.1%. The tech-heavy Nasdaq Composite Index closed the day up 0.3%.
  • Software giant Microsoft Corp reported better-than-expected profit for the December quarter, but shares later fell 1.4% to $238.75 as the company’s profit guidance for the next quarter disappointed.
  • The Composite Purchasing Managers’ Index (PMI) released on Tuesday showed that private sector demand eased, with firms highlighting subdued consumer demand and inflation dampening consumer spending.
  • Last month, the US Federal Reserve raised interest rates by 50 basis points to 4.25-4.5%, the highest in 15 years, in an effort to slow inflation. Fed members will enter a so-called shutdown period before they meet to decide the next rate move from January 31 to February 1.

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