Bitcoin, Ether trend lower, BNB adds to gains, Flow jumps on Meta NFT Integration

It was a mixed bag for the top 10 cryptocurrencies Friday morning in Asia, with most moving less than 1%. Bitcoin dipped, while BNB continued its breakout run for a second day. Bitcoin was trading at US$22,612 as of 8 a.m. in Hong Kong, down 1% in the last 24 hours. Ethereum slipped 0.7% to US$1,607, according to data from CoinMarketCap.

Fast facts

• BNB gained 4.6% to change hands at US$311.18, following reports on Thursday that Binance, the issuer of BNB, was expanding its staking service offerings to more cryptocurrencies. Investors also seem to like the news that cofounder Yi He is set to head Binance Labs, the firm’s venture capital and accelerator arm.
• Flow token gained 40% to trade at US$2.58 — the highest since early June — following the announcement that Meta (formerly Facebook) will enable a Flow-based non-fungible token (NFT) integration with Instagram in over 100 countries.
• Equity markets also traded mixed amid lingering concerns about U.S.-China tensions over Taiwan and ahead of the release of non-farm payroll numbers in the U.S. on Friday, a leading economic indicator.
• The Nasdaq Composite closed 0.4% higher on Thursday, while the Dow Jones Industrial Average lost 0.3% and the S&P 500 Index finished down 0.8%.
• The Bank of England also raised interest rates on Thursday by 50 basis points to 1.75% — its sharpest raise in 27 years — while warning a recession could last more than 12 months and inflation could reach 13% in the country by year’s end.

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