Bitcoin dipped under the US$20,000 support line in Friday morning trading in Asia, a price it has repeatedly fluctuated around for several weeks. Ether, the second largest token by market capitalization, was little changed and up about 2% on the week. Most other coins in CoinMarketCap’s top 10 by market capitalization were flat to lower.
See related article: Markets: Bitcoin dips but holds above US$20,000, Ether falls, XRP only gainer in top 10
Bitcoin fell 1% in the past 24 hours to change hands at US$19,957 at 8 a.m. in Hong Kong. Ether dipped 0.1% to US$1,351, according to data from CoinMarketCap.
BNB saw the biggest losses in the top 10, dropping 2.5% to US$286 on reports the Binance Smart Chain, which hosts the BNB token, was paused after developers identified a potential exploit.
According to the official BNB Twitter account: “To confirm, we have suspended BSC after having determined a potential exploit. All systems are now contained, and we are immediately investigating the potential vulnerability. We know the Community will assist and help freeze any transfers. All funds are safe.”
Solana fell 2.1% to US$33.36 and Dogecoin lost 2% to US$0.063, though is up 4.5% for the week following news Wednesday that Elon Musk, a long-time proponent of the token, was going through with his planned purchase of Twitter. XRP was little changed at US$0.49 cents.
U.S. equities continued their downward trend on Thursday. The Dow Jones Industrial Average fell 1.2%, the S&P 500 dropped 1% and the Nasdaq Composite Index ended the day down 0.7%.
Investors await the release of the non-farm payrolls report on Friday, which is expected to say the economy added 275,000 jobs in September, down from 315,000 in August, according to a survey by Dow Jones. While this number would suggest a slowing in the economy, it isn’t seen as enough to sway the U.S. Federal Reserve from its campaign of raising interest rates to beat back inflation.
Minneapolis Federal Reserve chief Neel Kashkari said at a banking conference in Minnesota on Thursday that he sees no indication inflation is peaking. Inflation is now running at 8.3% in the U.S. and the Fed has said it wants it back in the target range of 2%.