Bitcoin, Ethereum fall, memecoins lose steam, BNB edges higher
Bitcoin and Ethereum fell along with most other tokens in the top 10 by market capitalization on Tuesday morning in Asia. Memecoins also lost ground after a recent run-up.
See related article: Markets: Bitcoin, Ether, DOGE fall amid slowing activity in China, SHIB edges up
Fast facts
- Bitcoin traded at US$24,136 at 8 a.m. in Hong Kong, down 0.8% in the prior 24 hours. Ethereum lost 1.7% to change hands at US$1,904, losing further ground after recently breaking through the US$2,000 ceiling, according to data from CoinMarketCap.
- BNB, the token issued by Binance, bucked the trend, gaining 0.6% to US$319.
- Dogecoin fell 6.% to US$0.07 while Shina Inu token was down 9.6% to US$0.0000153, erasing some of the gains the two largest memecoins by market cap made on the weekend.
- Sports and entertainment-focused network Chiliz jumped 7.5% to US$0.19, marking a 29.7% raise for the week.
- This follows the announcement that FC Barcelona has secured additional investment for its Web3 development branch, Barca Digital Entertainment, which is partnered with Chiliz-powered Socios.com to create Barça Fan Tokens, granting fans voting rights and the ability to earn rewards.
- U.S. equity markets moved higher overnight amid the view recession worries were overblown and that the Fed’s interest rate increases will shepherd the economy to a soft landing. This is in contrast to China, the world’s second-biggest economy, which surprisingly cut a key interest rate on Monday after dismal industrial production numbers.
- The Dow Jones Industrial Average, the Nasdaq Composite Index and the S&P 500 Index all gained between 0.4% to 0.6% on Monday.
See related article: BlackRock backflips on Bitcoin as latest institution to see promise in crypto
