Bitcoin News

BNB is the only cryptocurrency to rise in the top 10 as the price of bitcoin drops below US$19,000

Monday morning saw bitcoin trading back under US$19,000, a level it has been bouncing around for the majority of the last two weeks due to global macroeconomic worries that have also affected equity markets. Ether also dropped. Among the top 10 cryptocurrencies by market capitalization, BNB was the only riser.

Bitcoin was down 1.2% over the previous 24 hours to trade at US$19,075 while Ether was down 2.5% to US$1,281. BNB was the only token in the top ten on CoinMarketCap to increase, rising 0.9% to US$285.

The biggest loser on that list was XRP, which fell 5% to trade at $0.45. Due to developments in the U.S. Securities and Exchange Commission’s lawsuit against Ripple Labs Inc., whose payment network is powered by XRP, the token’s price has been volatile recently.

U.S. stocks declined on Friday. The S&P 500 Index and Nasdaq Composite Index both ended the day down 1.5%, while the Dow Jones Industrial Average fell 1.7%.

The S&P 500 lost 9.4% in September, while the Dow lost 8.8%, for their worst monthly performance since March 2020 and their worst September performance since 2002, respectively. The Nasdaq experienced its worst September since 2008 with a decline of 10.5% in the month.

A personal consumption expenditures (PCE) report released the same day that revealed U.S. inflation was running at 4.7% year-over-year in August, higher than anticipated and 0.2% higher than the previous month, alarmed the markets on Friday. It is not included in the PCE report.

Despite recent interest rate increases by the US Federal Reserve, US inflation is still close to 40-year highs. At a gathering in New York on Friday, Fed Vice Chair Lael Brainard reaffirmed the bank’s commitment to doing so despite potential costs to the economy.

“Inflation is very high in the United States and abroad, and the risk of additional inflationary shocks cannot be ruled out,”  she said.

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