Binance Confirmed As $500B Investor In Twitter Takeover – October 28

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $20,440

Bitcoin price continues to sit above $20,000, as support at the key level holds overnight.

Top-20 altcoins have had mixed performance over the last day of trading, as Ethereum falls 2%, BNB rises 2% and Dogecoin leads with a further gain of 8%.

Top Stories for October 28, 2022 πŸ”₯

πŸ‘‰ Binance Confirmed As $500B Investor In Twitter Takeover

Crypto exchange giant Binance has been confirmed as an investor in Elon Musk’s Twitter acquisition, contributing $500 million to the takeover.

Binance founder and CEO Changpeng Zhao says that he is excited to assist Musk in his new vision for the platform and aims “to play a role in bringing social media and web3 together” to boost crypto adoption.

πŸ‘‰ Institutional Crypto Product Trading Volume Falls To All-Time Low In October

The average daily trading volume of institutional crypto products has fallen to $61.3 million this month – a record low and a 34.1% drop, according to CryptoCompare.

October is only the second month since September 2020 that daily average trading volume has slumped under $100 million. There has, however, been an increase in total assets under management since September, with a 1.76% rise.

πŸ‘‰ Record Number Of Bitcoins Unused For 6 Months, Says Morgan Stanley

A record 78% of Bitcoin has not been transacted with during the last 6 months, according to a report by Morgan Stanley. Analyst Sheena Shah believes the statistic implies that holders are holding onto their positions, likely waiting for a price recovery.

The report estimates that the remaining 22% of Bitcoin has been purchased at a break-even price of around $22,300.