Dogecoin, Shiba Inu, and BNB Spikes, Bitcoin declines but maintains support

Tuesday morning trading period in Asia saw a decline in the price of Bitcoin and Ether, but most of the other top 10 cryptocurrencies by market capitalization, excluding stablecoins, either increased or decreased by less than 1%. Among the top 10, Memecoin, Dogecoin, and Shiba Inu had the highest gains because to the publicity surrounding Elon Musk’s purchase of Twitter Inc. by the longtime Dogecoin supporter.

According to data from CoinMarketCap, in the 24 hours, Bitcoin fell 0.66% to US$20,499 and Ether fell 1.10% to US$1,573. Among the top 10 coins, XRP increased by 1.63% to US$0.4659.

Dogecoin’s bull run continued as it climbed 7.67% to US$0.126. Over the past seven days, it has increased 113.48%. The meme currency reached a high of US$0.1407 over the weekend, its highest level since May, after Elon Musk announced on Friday that his US$44 billion acquisition of Twitter was complete. ​​

BNB increased 3.91% on Tuesday to US$326 as news that Binance contributed US$500 million to Musk’s purchase of Twitter contributed to the deal’s gains. Shiba Inu, Dogecoin’s meme-rival, is also on the upswing, increasing 4.29% to US$0.00001246 in the past day and 25.64% during the previous week.

General Market Update

U.S. stocks fell on Monday. The S&P 500 Index lost 0.75%, the Nasdaq Composite Index dropped 1.03%, and the Dow Jones Industrial Average dropped by 0.39%.

Prior to this week’s Federal Open Market Committee (FOMC) meeting on November 1 and 2, when the Fed is anticipated to hike interest rates by 75 basis points in an effort to limit inflation, the stock market has fallen.

As inflation climbed to an almost 40-year high of 8.2% in September, the Fed raised interest rates from near zero in March to 3.25% today. The Fed previously stated it will maintain this strategy until inflation falls under a target range of 2%.