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Dogecoin soars as Elon Musk’s Twitter purchase proceeds, while Bitcoin and Ether decline

The recent price rises in bitcoin came to an end in Friday early Asian trade, but the price maintained above the US$20,000 support level. The U.S. gross domestic product (GDP) surpassed forecasts in the third quarter, according to data released on Thursday, suggesting interest rates may climb further. 

Along with most of the other top 10 cryptocurrencies by market capitalization, excluding stablecoins, Ether also experienced a decline. The only memecoin on that list to increase in value was leading memecoin Dogecoin, which did so in response to the impending sale of social media network Twitter Inc. to longtime Dogecoin supporter Elon Musk.

According to data from CoinMarketCap, in the 24 hours leading up to 8 a.m. in Hong Kong, Bitcoin fell 2.3% to US$20,287 and Ether fell 3.3% to US$1,514. Cardano and Polygon both experienced 3.7% declines, with Cardano experiencing the greatest drop to US$0.38 among the top 10.

Dogecoin increased 5.9% to US$0.076, however it declined from an overnight peak of US$0.084, its highest level since mid-August. As Musk’s US$44 billion agreement to acquire Twitter nears conclusion, the market’s top memecointoken has increased by 29.4% over the last seven days.

Musk stated in a tweet on Thursday that the social media platform cannot turn into a “free-for-all hellscape,” but he also stated that he wants it to encourage a greater range of opinions.

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