Markets: Bitcoin, Ether prices fall; Dogecoin, Shiba Inu bull run continues; BNB gains

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.

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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