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Markets: Bitcoin, Ether fall; memecoins lose steam, BNB edges higher

·2-min read

Bitcoin and Ether 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