24 Crypto Update, 19 Oct: Crypto market soar following Powell's speech

Bitcoin Surges Past $29,000 Amid Fed Signals on Interest Rates

Crypto price gained on Fed chair's remarks, lifting treasury yields

Bitcoin surged beyond $29,000 on cues from Jerome Powell, the US Federal Reserve Chair. These signals suggest the Fed's intent to maintain current interest rates in November while considering a rate hike in December. Simultaneously, the 10-year U.S. Treasury yield increased by 6 basis points, reaching 4.97%.

In the last 24 hours, the crypto market saw a total trading volume of $40 billion, with a minor 0.67% decrease. DeFi contributed $1.92 billion (4.81% of the market volume), while stablecoins dominated at $37.41 billion (93.52% of the 24-hour crypto market volume). Bitcoin dominance stands at 51.20%, up 0.03% for the day.

Major Events To Watch:

Crypto Fear and Greed:

Over the last 24 hours, the cryptocurrency markets have experienced a notable increase in buying activity, leading to a 1-point uptick on the "Greed and Fear Index." Consequently, the index now stands at 53 on its 0 to 100 scale, positioning it above the midpoint.

Latest Market Update: 

Bitcoin, the most valuable cryptocurrency, surpassed the $29,000 mark. Popular altcoins, such as Ethereum, Dogecoin, Ripple, Solana, and Litecoin all showed gains. Bitcoin SV retained its position as the top performer for the second day in a row, with a 24-hour increase of over 22 percent. In contrast, ApeCoin emerged as the biggest loser, experiencing a 24-hour decline of over 3 percent.

Major Worldwide News Update:

• Fed Chair Jerome Powell's comments during a Thursday address in New York hinted at no further rate hikes in the ongoing monetary tightening cycle. This news lifted the cryptocurrency market by 3% in the last 24 hours, with Bitcoin gaining 3.3% and aiming for $30,000. Powell's remarks aligned with other central bankers' intentions to maintain short-term interest rates, easing market uncertainties and boosting investor confidence in the resilient U.S. economy amid global challenges.

• XRP is gaining momentum for a potential parabolic surge after the U.S. SEC's retreat from its nearly three-year lawsuit against Ripple Labs Inc. The XRP price currently sits at $0.5081, up 4.07% in the last 24 hours, with a substantial increase in trading volume. With regulatory clarity as a non-security asset in the U.S., XRP is poised for growth and mainstream adoption, targeting a $1 price in the mid to long term.

• Binance cryptocurrency exchange has formed partnerships with undisclosed regulated entities to streamline euro transactions, enhancing user convenience. This move comes after parting ways with Paysafe in September, ensuring uninterrupted services for its European user base. Binance faces global regulatory scrutiny and has seen changes in executive roles, reflecting its resilience in navigating challenges while upholding operational integrity.

• ECB President Christine Lagarde confirmed progress in the digital euro project, as the preparation phase begins in November, set to last two years. The project aims to offer both digital and traditional cash options while awaiting relevant EU legislation completion. Critics have raised privacy concerns and questioned the project's benefits.

• Ethereum co-founder Vitalik Buterin stressed the importance of account abstraction, notably ERC-4337, in enhancing security against quantum computers. In response to quantum computing advancements posing a threat to cryptocurrency security, Buterin highlighted the role of account abstraction in rendering user accounts quantum-resistant, potentially requiring a hard fork for existing accounts.

• A recent report by Electric Capital reveals a 27% decrease in the number of developers working on open-source crypto projects over the past year, with 8,300 newcomers leaving. This decline is attributed to factors like regulatory pressures in the United States and market sentiment, while experienced developers play a crucial role in the industry's growth.

• Can Sun, FTX's former general counsel, denied approving the transfer of customer funds to Alameda Research, revealing internal conflicts. Testimony also highlighted inconsistencies in FTX's commitment to segregate customer assets, while CEO Sam Bankman-Fried's candid messages displayed discord with regulators.

• The United States Treasury Department is planning to label international cryptocurrency mixers and digital asset platforms that provide anonymity as money-laundering hubs. This move comes in response to concerns about the use of cryptocurrencies by groups like Hamas, which reportedly financed attacks using crypto. If these platforms are designated as money-laundering hubs, financial transactions will require special reporting before approval to combat illicit activities

COIN GABBAR Views: : Are bulls banking on U.S. ETF approval for Bitcoin? Are Bitcoin investors gearing up for a potential $30k price rally? Will BTC reach new highs in 2023, considering Powell's dovish stance at the economic forum? To get latest news Stay tuned us at www.coingabbar.com

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup,19 Oct:Crypto market Awaiting Powell speech today