Bitcoin, Ether, Cardano, XRP fall; BNB gains on Binance Twitter investment

by James · October 30, 2022

Bitcoin and Ether fell in trading on Monday morning in Asia, along with most other top 10 cryptocurrencies by market capitalization, excluding stablecoins. BNB extended its gains after the token’s issuer and the world’s largest cryptocurrency exchange, Binance Global Inc., confirmed its investment in Twitter Inc. on Friday.

See related article: Binance confirms equity in Elon Musk’s Twitter acquisition

Fast facts

Bitcoin fell 0.9% to US$20,631 in the 24 hours to 8am in Hong Kong, while Ether lost 1.8% to US$1,590, according to data from CoinMarketCap. Polkadot rose 0.2% to $6.65, while Cardano fell 3.4% to $0.40 and XRP fell 2.5% to $0.45.
BNB rose 3.1% to $313.76, bringing its gain over the past seven days to 13.6%. Binance confirmed on Friday that it will invest $500 million as part of Tesla CEO Elon Musk’s $44 billion takeover of social media giant Twitter. “We aim to play a role in bringing social media and Web3 together to expand the use and adoption of crypto and blockchain technology,” Changpeng Zhao, Binance founder and CEO, said in a statement shared with Discard.
Leading memecoin Dogecoin fell 3.5% to $0.1177 after a 95% gain during the week when longtime Doge advocate Musk bought Twitter. Dogecoin jumped two positions to eighth on CoinMarketCap’s list of top 10 cryptos, hitting $0.1494 on Sunday, its highest price since early May. Musk has floated the idea of increased cryptocurrency integration with the platform in the future, including possibly allow users to pay the $3 monthly fee for Twitter’s premium service, Twitter Blue, using Dogecoin.
Copycat memecoin Shiba Inu token saw the biggest losses, falling 7.6% to $0.00001193. However, its 17.5% gain over the past seven days has moved it up two spots on CoinMarketCap’s list, passing Dai and Tron. The price of $0.00001488 on Sunday was the highest since the end of August.
US stocks showed strong gains on Friday. The S&P 500 Index rose 2.5% and the Nasdaq Composite Index ended up 2.9%. The Dow Jones Industrial Average rose 2.6%, making it the fourth consecutive positive week for the Dow, the first since November 2021.
Markets were boosted by the U.S. Labor Department’s employment cost index released on Friday, which showed labor costs rose 1.2% in the third quarter from 1.3% in the previous quarter, suggesting inflation may be peaking if it had not already done that, which would ease. pressure on the US central bank to continue raising interest rates in the coming months. Market analysts predict an 80% chance that the Fed will raise interest rates by 75 basis points at its next meeting in November.