11/1/2022 | Yahoo! Finance

Markets: Bitcoin, Ether rise; Dogecoin, Shiba Inu biggest gainers in top 10 crypto

Markets: Bitcoin, Ether rise; Dogecoin, Shiba Inu biggest gainers in top 10 crypto

Bitcoin and Ether traded up in Tuesday afternoon trading in Asia. Memecoins Dogecoin and Shiba Inu were the biggest gainers among the top 10 coins by market capitalization excluding stablecoins, as the two memecoins appeared to still be benefitting from speculation Elon Musk’s Twitter acquisition will benefit the tokens.

Fast facts

Bitcoin rose 0.21% in the past 24 hours to trade at US$20,591 at 4 p.m. in Hong Kong. Ether traded up 0.04% to US$1,590, logging a seven-day increase of 18%, according to data from CoinMarketCap.

Dogecoin jumped 23.63% in the past 24 hours to change hands at US$0.1453, and surged 141.96% over the past seven days, after the news broke last week that Tesla Chief Executive Officer Elon Musk officially became the owner of Twitter.

BNB, the token of the world’s largest crypto exchange Binance, gained 5.44% in the prior 24 hours and was up 19.7% over the past seven days. The price increase came after Binance on Friday confirmed its participation in Musk’s Twitter purchase as an equity investor.

Asia equity markets gained on Tuesday. The Hong Kong Hang Seng index closed up 5.23%, and the Shanghai Composite index rose 2.62%. The Nikkei 225 index nudged up 0.33%.

Inflation continues to take a toll in Europe’s economy, as the inflation in the areas that use the euro is expected to come in at 10.7% in October, up from 9.9% in September, the European Commission reported on Monday.

Investors are expecting an interest rate hike by 75 basis points this week in the U.S. after the Federal Open Market Committee meetings conclude on Wednesday.