Bitcoin rallied above US$20,000 in Tuesday afternoon trading in Asia, along with almost all the top 10 coins by market capitalization. XRP rebounded from losses in the morning.
See related article: Markets: Bitcoin price back above US$19,000; Ether, Polkadot gain; XRP leads losers
Bitcoin rose 6.94% in the past 24 hours to trade at US$20,213 at 4 p.m. in Hong Kong, after hitting a low of US$18,415 last week, according to data from CoinMarketCap. Ether gained 6.76% to US$1,383.
XRP strengthened 1.89% to change hands at US$0.4812, recovering from the slide in the morning. The token gained 27.21% over the past seven days, amid reports that a summary judgment may be granted to conclude the lawsuit between the U.S. Securities and Exchange Commission and Ripple Labs without a trial.
Solana traded up 6.51%, making it the third-largest gainer among the top 10 after Bitcoin and Ether.
Asia equity markets strengthened despite Wall Street’s fall overnight. The Shanghai Composite index closed up 1.4% after China’s economic planner pledged on Monday to introduce more stimulus policies. The Nikkei 225 index gained 0.53% and the Hong Kong Hang Seng index inched up 0.03%.
The World Bank said in a report released on Tuesday that it has downgraded the 2022 annual growth forecast for East Asia and the Pacific region to 3.2% from a 5% forecast made in April and 7.2% growth in 2021. Growth in China, which accounted for 86% of the region’s gross domestic product, is projected to slow to 2.8% in 2022 from 8.1% last year, due to its strict Covid-19 policies, the U.S.-based institution said.
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