Bitcoin dips, 30-day volatility at 2 year low; Ether falls, Dogecoin gains

Bitcoin fell but traded back above the $19,000 support level during Friday morning trading in Asia. Ether lost ground along with most other top 10 cryptocurrencies by market cap excluding stablecoins, but leading memecoin Dogecoin rose and Tron also rallied.

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  • Bitcoin is down 0.5% over the past 24 hours, trading at $19,048 as of 8am in Hong Kong, while ether is down 0.2% to $1,282, according to data from CoinMarketCap. Bitcoin’s price has fluctuated around $19,000 for most of a month and 30-day price volatility is 31%, the lowest in almost two years, according to analytics firm IntoTheBlock.

  • Polygon saw the biggest losses in the top 10 list after a strong winning streak for the week on the network’s high adoption numbers for the year. The token fell 5.38% to $0.80 but is still up 3.8% over the past seven days.

  • Dogecoin is up 1.4% to $0.059, while Tron is up 0.7% to $0.62. Cardano and Solana are both down 2.8%, with Cardano changing hands at $0.34 and Solana at $28.08.

  • Leading play-and-earn game Axie Infinity’s governance token, AXS, fell 5.8% over the past 24 hours and 13.9% over the past seven days to $9.57, according to reports According to 8% of the token’s supply or 21.543 million coins, it will be released on October 25th. Axie Infinity launched last year to become the first major blockchain game to allow players to earn revenue by playing the game. However, as user growth slowed, so did revenue.

  • US stocks closed lower on Thursday. The Dow Jones Industrial Average fell 0.3%, the S&P 500 Index fell 0.8% and the Nasdaq Composite Index ended the day down 0.6%. This followed a Thursday report by financial services firm Freddie Mac that showed that Federal Reserve rate hikes this year have lifted the average 30-year fixed-rate mortgage to 6.94%, the highest since April 2002 and more than double the 3, 09% last year.

  • The Fed raised interest rates from near zero to a range of 3% to 3.25% in March this year. It has committed to bringing inflation down to a target range of 2% from the current 8.2%. The Fed is expected to hike rates another 75 basis points at its next AGM in November.

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