Sunday, November 27, 2022

Bitcoin changed little in morning trading, with Ether dropping slightly.

Bitcoin fell 0.2% to $16,439 in the 24 hours to 8am in Hong Kong, while Ether fell 0.9% to $1,208, according to CoinMarketCap. Dogecoin was the only token to post double-digit gains, climbing 11% to $0.098, hitting near its highest level in almost three weeks. These successes came suddenly after Musk announced that "Team Tesla just drove 500 miles in an 81,000-pound Tesla Semi!" The health of Dogecoin in general is highly dependent on, and often associated with, the fortunes of Musk and his companies; Memcoin also rose significantly when, for example, Musk's purchase of Twitter was confirmed.

The Shiba Inu copycat token also posted more gains than any other top 10 token, climbing 2.9%b to $0.000009286. BNB, the native blockchain token operated by the world's largest crypto exchange Binance Global Inc., BNB Smart Chain, fell 1.2% to $307.69 but is still up 16.4% over the past seven days. This comes after Binance released a reserve confirmation on Friday to provide more transparency on user funds amid heightened industry scrutiny following the crash of Bahamas-based exchange FTX.com. Litecoin suffered the biggest losses, dropping 1.9%b to $7.03, but still proved to be one of the best-performing major tokens as it surged about 36% in November amid extreme market volatility following the FTX crash. Litecoin mining rewards are expected to halve in eight months, halving the pace of token supply. XRP is up 9.7% to $0.39 in the past seven days of trading as the date approaches when both parties must file summary judgments in the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple Labs Inc. - whose payment network is powered by XRP. Both parties are going to meet on December 2 to discuss the wording of the case.

On Friday, the US stock market had a mixed day in a shortened session due to the Thanksgiving holiday. The Dow Jones Industrial Average rose 0.5%, while the S&P 500 fell less than 0.1% and the Nasdaq fell 0.5%. A record $9.1 billion was spent on Friday as part of the annual Black Friday sale, up 2.3% from previous years. These are the annual sales, held on the Friday after Thanksgiving, that have become a major event on the U.S. retail calendar and have proven so popular that they have spread to other countries that don't usually celebrate Thanksgiving on that day, or not at all.

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