Bitcoin Dips Slightly in Hong Kong

In the 24 hours before 7:40 a.m. in Hong Kong, Bitcoin fell 0.28% to US$26,209.51, resulting in a weekly loss of 3.70%, according to data from CoinMarketCap.

On Tuesday evening, the world’s largest cryptocurrency declined to $26,090.71. However, it was able to sustain its position above the $26,000 support level for the past 14 days.

With Bitcoin remaining “firm within its September trading range,” blockchain analytics firm K33 Research wrote in an email that traders have few reasons to actively partake in the market due to a narrowing trading range and a slow news cycle.

The pricing of Bitcoin derivatives options on the CME market “indicates a more optimistic long-term prognosis than a short-term outlook, but has become slightly more bearish in tandem with BTC’s price decline over the past week,” according to a K33 report.

Other prices were also unchanged. It inched up 0.33 percent to $1,592.60 over the past twenty-four hours but fell 3.10 percent over the past week.

On Tuesday evening, the token’s price reached USD 1,598.10. But it failed to surpass the $1,600 level it surrendered on Sunday.

While Ether is trading near a 14-month low against Bitcoin (0.061 BTC per ETH), K33 reports that this trend may soon reverse.

“We reiterate that ETH rotation is a prudent strategy for the coming months, as futures-based ETFs can reverse the trend.

In this regard, the first half of October will be crucial, as the concluding deadlines for the ongoing futures of ETH ETFs are approaching,” K33 wrote.

Most other top 10 non-stablecoin cryptocurrencies have experienced losses over the past 24 hours. Ether, Binance’s BNB, and Tron’s TRX were the notable exceptions.

Toncoin remained the leader in losses. It fell 1.66 percent in the past day to $2.12, for a weekly decline of 17.75 percent.

BNB, the native token of cryptocurrency exchange Binance Holdings Ltd., led the pack of winning cryptocurrencies.

The coin’s price increased by 1.06% to $212.17, but it lost 2.30% over the past week.

BNB’s daily increase coincided with Tuesday’s announcement that Binance, the world’s largest cryptocurrency exchange, will collaborate with Japan’s largest banking group, Mitsubishi UFJ Trust and Banking Corporation, to issue fiat-pegged stablecoins in 2024.

In the previous twenty-four hours, the total crypto market capitalization decreased by 0.28% to $1.04 trillion, while trading volume fell by 10.02% to $22.56 billion.