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Crypto Update 01, Oct: Crypto Market Witnesses Significant Volatility

After a brief bullish rally, the broader crypto market once again witnessing significant volatility due to aggressive monetary measures adopted by global economies.

01 Oct 2022 By: Ashish Sarswat
Crypto Update 01, Oc

The global crypto market's performance has shifted 

from a bullish to a bearish trend in the last 12 hours. The recent changes for Bitcoin, Ethereum, and other cryptocurrencies indicate a downward trend. The crypto market has suffered significant losses due to global geopolitical and economic changes. The value of this market eroded at a rapid pace despite several measures to keep it stable.

According to CoinGabbar statistics at the time of writing, the global cryptocurrency market cap increased 1.8% in the last 24 hours to $0.978 trillion. The total crypto market volume over the last 24 hours was $61.49 billion.

At the time of writing, the crypto market leader, Bitcoin price is trading at $19,284. This follows a 0.78% drop in the last 12 hours. As a result, its market capitalization stands at $370.20 billion. However, the 24-hour trading volume for BTC has decreased by 5%to $22,608,891,483.

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,323.95, increased 0.6% in the last 12 hours. Furthermore, its price has dropped by 1.56% in the last week.

Top Cryptocurrencies Price Action

The price of Near Protocol (NEAR) has climbed by 1.8% in the last 12 hours. NEAR is currently ranked 28th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of NEAR was trading at $3.56.

After breaking its upward trend, Dogecoin (DOGE) has surged 2.57% in the last 12 hours. Based on CoinGabbar statistics, DOGE is currently trading at $0.6169. Meanwhile, Shiba Inu has increased by 0.7% and is currently trading at $0.00001127.

The performance of the Binance Coin (BNB) also shows a positive trend. As per CoinGabbar statistics, BNB increased by 0.8% in the last 12 hours. The weekly data shows a gain of 4.57% for this coin.

What Turns Crypto Market Red?

The cryptocurrency market is unable to sustain its bullish trend due to the hawkishness of the Federal Reserve and Macroeconomic circumstances. Meanwhile, the dollar is also losing its value against other assets. On October 1, the S and P 500 and NASDAQ-100 indices dropped 1.6%. All these factors might be the reason for the current downfall of the broader crypto market.

Major Events Around the World

  • The Commodity Futures Trading Commission (CFTC) of the United States filed a lawsuit against Digitex LLC and its founder and CEO Adam Todd. 

According to a Sept. 30 court filing in the Southern District of Florida, Todd reportedly inflated the price of DGTX tokens in an attempt to boost Digitex's holdings. In accordance with the Commodity Exchange Act, the Digitex CEO employed different corporate entities as part of a conspiracy to create and operate an unlawful digital asset derivatives trading platform.

  • United States Senator Bill Hagerty introduced a bill in the parliament to offer a safe harbor for crypto exchanges operating in the country. The bill would shield cryptocurrency exchanges from "certain" SEC legal actions.

The bill aims to provide regulatory clarity around two major challenges confronting crypto exchange establishments — (i) the categorization of digital assets and (ii) related liabilities under current securities laws.

  • On Saturday (October 1), Solana experiences another significant outage due to a single misconfigured node that brings down the whole network. 

The Solana team has now asked validators to execute a Solana Mainnet restart, which will require at least 80% stake to restart. As a result, the Solana price has dropped by more than 6% in the last 24 hours.

COINGABBAR VIEWS: The downturn in cryptocurrency markets may be related to the instability of traditional markets and geopolitical events. The financial climate has shifted dramatically as cryptocurrency investors go through difficult times. As a result, it may predict that additional losses may occur if the crypto market fails to maintain its key levels.

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