Dogecoin led the day’s loss, leading the downturn as all the leading coins saw declines

Bitcoin dropped below $27,000, recording the second largest decline among the leading non-stablecoin cryptocurrencies on Wednesday afternoon in Asia. Dogecoin led the day’s loss, leading the downturn as all the leading coins saw declines. Asian equities declined as U.S.-China tensions rose after China barred products of U.S. memory chip maker Micron Technology. The world’s second largest economy faces a new Covid wave. U.S. stock futures dropped as discussions on lifting the U.S. debt ceiling failed to make headway.

Bitcoin shed 2.33 per cent to $26,671 in 24 hours to 4 p.m. in Hong Kong, as per CoinMarketCap data. The world’s leading cryptocurrency shed 0.68 per cent over the last seven days.

Ether lost 2.15 per cent to $1,813, but advanced 0.30 per cent on the week.

Dogecoin was the day’s biggest decliner, shedding 2.83 per cent to $0.07119, taking its weekly declines to 2.02 per cent.

BNB, the native token of the world’s largest cryptocurrency exchange Binance, shed 1.81 per cent in 24 hours to $307. On Tuesday, a Reuters report alleged that Binance had mixed client funds with its own corporate revenue, which breaches U.S. regulations.

The total crypto market trading volume declined 6.35 per cent to $28.72bln, while the global crypto market capitalization shed 1.78 per cent to $1.12trln.

In corporate news in Asia, StraitsX, a Singapore-based digital asset payment company, announced its StraitsX Singapore Dollar (XSGD) stablecoin will be available on the Hedera, a distributed ledger-based network, in a statement on Wednesday. The partnership permits users to send and receive XSGD on Hedera.

Since its launch in October 2020, XSGD has exceeded more than 7bln XSGD in on-chain transactions, making it one of the biggest non-USD stablecoin in terms of market capitalization, the company stated.