As a seasoned crypto investor with a decade of experience under my belt, I can’t help but feel a mix of anticipation and apprehension as I digest today’s market news. The slight increase in the key Fed inflation rate has got me wondering if the party is finally coming to an end for the cryptocurrencies. With Bitcoin, Ethereum, and a host of other coins experiencing declines, it feels like we’ve taken a step back from the moon.
Here are the top three news stories from the last day of October brought to you by U.Today.
Key Fed inflation rate released, here’s crypto’s reaction
Last Thursday, October 31st, it was disclosed by the U.S. Commerce Department that the main inflation rate slightly grew in September, reaching 2.1%, moving closer to the Federal Reserve’s desired level. The price index for personal consumption expenditures (PCE) also went up by 0.2% during this month, after adjusting for seasonal changes. This 12-month inflation rate was also 2.1%, as anticipated by Dow Jones forecasts. Additionally, the core inflation rate rose to 2.7%, marking a 0.3% increase from August. This economic data is being evaluated by investors who suspect that the Federal Reserve may decide to lower their benchmark short-term borrowing rate at their upcoming meeting next week. During this time, as investors are assessing these new economic statistics, various cryptocurrencies have generally dropped in value, with Bitcoin, Shiba Inu, Pepe, Chainlink, Bonk, and WIF experiencing losses between 1.7% to 7% over the past 24 hours.
Bitcoin vs. Ethereum: New Coinbase Q3 report reveals real winner
As a crypto investor, I’ve noticed some interesting trends from the Q3 report by Coinbase, the top crypto exchange. The trading volume of Bitcoin on their platform increased by 2%, reaching 37%, while Ethereum’s remained steady at 15%. In terms of transaction revenue, Bitcoin took the lead, growing from 31% to 35% of the total revenue during the quarter. On the other hand, Ethereum saw a slight dip, with its share dropping to 16%, a 1% decrease from the previous quarter. This suggests that Bitcoin is still capturing the public’s attention and maintaining its dominant position in the market. Despite some doubts about Ethereum’s importance in this cycle, it remains favored by many crypto enthusiasts. At the time of writing, Bitcoin is being traded at $70,752, representing a 1.56% decrease over the last 24 hours, and Ethereum stands at $2,558, marking a 2.29% drop for the same period, according to CoinMarketCap.
XRP on verge of reaching dangerous support level
XRP is approaching a critical support level that could lead to a further decline in its price. As a reminder, the asset has been among the top 10 worst-performing cryptocurrencies in recent months, struggling to establish a stable base and lacking significant market enthusiasm. Currently, XRP is trading at $0.5167, close to $0.5185, a crucial support level. If this level is broken, it could pave the way for even lower price levels. XRP’s price movement has been weak compared to other cryptocurrencies, and it has failed to maintain above key moving averages, which now act as barriers to potential recovery. Moreover, declining trading volume indicates that investor interest is fading, raising concerns about a possible decline to the $0.50 level or even lower. Without a significant increase in buying activity or any positive developments on the market, XRP is likely to experience ongoing downward pressure. This situation is further intensified by Bitcoin’s dominance and investors shifting their focus to other assets.
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2024-11-01 18:43