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24 Crypto Update, 30 Oct: Crypto market steady before FED meet

Key Takeaways
  • Bitcoin is presently trading above $34,000 as investors anticipate the US Federal Reserve's interest rate announcement on Wednesday
  • Bitcoin is worth less than $34,500, and Ethereum is worth more than $1,800
  • The global cryptocurrency market capitalization has increased by 0.60% to $1.32 trillion
31-Oct-2023 By: Lokesh Gupta
24 Crypto Update, 30

Market anticipate Wednesday's US Federal Reserve interest rate verdict

Bitcoin's price has remained stable in the previous day, hovering around $34,300. Investors are keeping a careful eye on the US Federal Reserve as it decides on interest rates this Wednesday. People are optimistic about Bitcoin because they anticipate the SEC will approve a US-based Bitcoin exchange-traded fund (ETF) before the end of the year or, at the very least, by January 10, 2024.

In the past 24 hours, the total crypto market volume reached $39.54 billion, marking a 44.15% increase. DeFi accounts for $3.87 billion, representing 9.79% of the total crypto market volume. Stable coins make up $35.4 billion, comprising 89.54% of the 24-hour crypto market volume. Bitcoin's dominance stands at 52.67%, reflecting a 0.30% decrease in the day.

Major Events To Watch:

Crypto Fear and Greed:

In the last 24 hours, there has been a minor uptick in profit-taking within the cryptocurrency markets, leading to a 2-point drop in the "Greed and Fear Index." Consequently, the index currently registers at 66 on its 0 to 100 scale.

Latest Market Update: 

Bitcoin, the world's most valuable cryptocurrency, remained above $34,000 on Tuesday. Ethereum approached $1,800. Altcoins like Dogecoin, Ripple, Solana, and Litecoin posted small gains. THORChain outperformed, surging over 14% in the past 24 hours, while Render had the largest drop, falling by more than 4% during the same period.

Major Worldwide News Update:

  • The US Federal Reserve is likely to maintain high interest rates in its upcoming policy meeting, given the robust 4.9% GDP growth in the US. Inflation above the 2% target may prolong elevated rates. Expectations of further rate hikes have pushed up yields, raising the possibility of a December hike. Experts suggest the Fed may need to keep rates high for an extended period, with the timing of rate cuts uncertain due to geopolitical factors. Treasury yields are also influenced by the ongoing supply of US treasuries and central banks' quantitative tightening tools.

  • Coinbase's report highlights the growing tokenization of financial assets, notably in the high-yield environment. This shift involves digitizing assets like sovereign bonds and money market funds. Despite potential benefits, full implementation may take 1-2 years. Improved capital efficiency and reduced counterparty risk make it attractive, and estimates for tokenization opportunities range from $5 trillion to $16 trillion by 2030, factoring in CBDCs and stablecoins.

  • President Joe Biden's executive order introduces new safety and security standards for AI, requiring developers to share key information, mainly for powerful AI systems. Critics liken the move to crypto industry regulation, suggesting it may stifle innovation. Some argue it's hypocritical given past privacy concerns related to anti-crypto enforcement.

  • Cardano's Q3 performance, as reported by Messari, highlights significant growth in stablecoin value (16% QoQ, 461% YTD) and DeFi Total Value Locked (198% QoQ). Average Daily Active Addresses, transactions, DApp transactions, and NFT trading volume also showed robust figures. Despite an average ADA price of $0.25, Cardano's market capitalization rose 9.6%. With ongoing developments, Cardano's price may potentially reach $0.4 in the short to mid-term.

  • Elon Musk's social media platform, X (formerly Twitter), has seen its valuation plummet from $43 billion to $19 billion, attributed to employee stock allocations. Musk aims to reshape the platform and has introduced mandatory X Premium subscriptions, adding value and potential for future growth in the evolving financial hub.

  • The U.S. SEC is holding a closed meeting to review settlement and resolution claims, potentially related to Grayscale's spot Bitcoin ETF application. The court's order for the SEC to revisit the application and its similarities to approved Bitcoin futures ETFs have set the stage for a time-bound approval process. The broader expectation is that the SEC may approve all existing spot ETF filings simultaneously. Mike Novogratz, CEO of Galaxy Digital, has expressed optimism about the approval of a Bitcoin spot ETF in 2023.

  • Terraform Labs and co-founder Do Kwon are seeking a summary judgment to end the SEC legal dispute over alleged unregistered crypto transactions and Bitcoin transfers to Swiss accounts. Judge Jed Rakoff previously denied their motion to dismiss, ensuring an ongoing legal battle. Co-founder Daniel Shin is also facing charges in a Seoul court related to the Terra USD collapse.

  • Kasikorn Bank (K-Bank) has purchased a 97% stake in Satang crypto exchange's parent company for $102.8 million. Satang will be rebranded as Orbix and gain three new subsidiaries for custody, fund management, and blockchain technology. K-Bank is expanding its cryptocurrency presence, securing licenses to offer a range of crypto services in Thailand, in competition with Siam Commercial Bank (SCB) and supported by institutional interest in the Thai market.

COIN GABBAR Views: Could Bitcoin's potential reach new heights with ETF approval? How could the FOMC Meeting and crypto market outlooks influence this surge? Is Bitcoin poised to surpass $35K as November carries on its 'Uptober' trend? To get latest news Stay tuned us at

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, 30 Oct: Upcoming Fed Meeting and Crypto's Future