Bitcoin was little changed, the Dogecoin leader pack in muted morning trading

by James · November 27, 2022

Bitcoin was little changed in trading on Monday morning, amid mixed results from the other top 10 non-stablecoin cryptocurrencies after a relatively subdued few days of trading over the US Thanksgiving weekend. CEO Elon Musk used the platform to announce a significant development for his electric car company Tesla Inc.

See related article: Binance issues Proof of Reserves

Fast facts

Bitcoin fell 0.2% to $16,439 in the 24 hours to 8 a.m. in Hong Kong, while Ether fell 0.9% to $1,208, according to CoinMarketCap.
Dogecoin was the only token to post double-digit gains, rising 11% to $0.098 – near its highest point in nearly three weeks. These gains came suddenly afterwards Musk announced that “The Tesla team just completed a 500 mile drive with a Tesla Semi weighing 81,000 lbs!” Dogecoin’s fortunes are often linked to Musk and his companies; the memecoin also saw significant gains when Musk’s purchase of Twitter was confirmed, for example. Copycat token Shiba Inu also made bigger gains than any other top 10 token, rising 2.9% to $0.000009286.
BNB, the native token of the blockchain operated by the world’s largest crypto exchange Binance Global Inc., BNB Smart Chain, fell 1.2% to $307.69, but is still up 16.4% in the past seven days. This comes as Binance released its proof of reserves on Friday to provide increased transparency over user funds amid increased industry scrutiny following the collapse of Bahamas-based exchange FTX.com
Litecoin saw the biggest losses, falling 1.9% to $7.03, but has still proved to be one of the biggest performing tokens, gaining about 36% in November amid the extreme market volatility since the collapse by FTX. Litecoin is expected to undergo its third mining reward halving in eight months, which will slow the pace of the token’s supply by half.
Although little changed on Monday morning, XRP rose 9.7% to $0.39 in the last seven days of trading as the date approaches for both parties to file summary judgments in the US Securities and Exchange Commission (SEC) lawsuit against Ripple Labs Inc. – whose payment network is powered by XRP. Both parties will meet on 2 December to discuss case redactions.
US stocks had a mixed day of trading on Friday in a shortened session due to the Thanksgiving holiday. The Dow Jones Industrial Average rose 0.5%, while the S&P 500 fell less than 0.1% and the Nasdaq fell 0.5%.
A record $9.1 billion was spent on Friday as part of the annual “Black Friday” sales, a 2.3% increase from previous years. These are annual sales held on the Friday after Thanksgiving that have become a major event on the retail calendar in the United States, and have proven so popular that they have spread to other countries that do not typically celebrate Thanksgiving that day or at all.