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

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…