Bitcoin and Ether prices fell in Tuesday morning trading time in Asia, while most other top 10 cryptocurrencies by market capitalization, excluding stablecoins, either rose or fell by less than 1%. Memecoin Dogecoin and Shiba Inu had the biggest gains among the top 10, still benefiting from the buzz of long-time Dogecoin advocate Elon Musk buying social media platform Twitter Inc.
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Fast facts
- Bitcoin lost 0.66% to US$20,499 in the 24 hours to 8 a.m. in Hong Kong and Ether dropped 1.10% to US$1,573, according to data from CoinMarketCap. Among others in the top 10, XRP rose 1.63% to US$0.4659.
- Dogecoin rose 7.67% to US$0.1268, continuing its bull run. It’s up 113.48% over the last seven days. Over the weekend, the meme token hit its highest since May of US$0.1407 after Elon Musk said on Friday that his US$44 billion deal to acquire Twitter had completed.
- BNB also added to gains related to the Twitter deal, rising 3.91% on Tuesday to US$326 amid confirmation that Binance invested US$500 million in Musk’s Twitter acquisition. Dogecoin’s meme-rival Shiba Inu is also on a bullish run, rising 4.29% to US$0.00001246 in the last 24 hours, for a gain of 25.64% over the previous week.
- U.S. equities dipped on Monday. The Dow Jones Industrial Average fell 0.39%, the S&P 500 Index lost 0.75%, and the Nasdaq Composite Index declined 1.03%.
- The drop in stocks comes ahead of the Federal Open Market Committee (FOMC) meeting this week on Nov. 1 and 2 where the Fed is expected to raise interest rates by 75 basis points in its drive to slow inflation.
- The Fed lifted interest rates from near zero in March to 3.25% now as inflation reached a near 40-year high of 8.2% in September. The Fed had indicated it will continue this policy until inflation reaches a target range of 2%.
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