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Ahead of FOMC Meeting, Crypto Market Remain Little Volatile

As inflation stays at historical highs, the Fed is anticipated to raise rates by 75 basis points this week (Nov 2). This meeting could result in the creation of a new trend pattern for the broader crypto market.

01-Nov-2022 By: Shailja Joshi
Ahead of FOMC Meetin

As per CoinGabbar statistics, the majority of the prices

 in the crypto market have been unpredictable in the last 12 hours. 

As a result, the prices of Bitcoin (BTC), Ether (EHT), Cardano (ADA), and Ripple (XRP) all remain highly volatile.

At the time of writing, the global cryptocurrency market cap climb 2.2% in the last 24 hours to $1.06 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $108.24 billion.

The crypto market leader, Bitcoin price is currently trading at $20,555. This follows a 0.5% increase in the last 12 hours. As a result, its market capitalization stands at $394.45 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,594.95, which increased 1.5% in the last 12 hours. Furthermore, its price has increased by 18% in the last week.

Top Cryptocurrencies Price Action

The price of Solana (SOL) has climbed 1.45% in the last 12 hours. SOL is currently ranked 10th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $33.03. 

However, the price of Dogecoin (DOGE) has climbed by 13.45% in the last 12 hours. DOGE is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of DOGE was trading at $0.13890

Synthetix Network (SNX) continues to gain traction among cryptocurrency traders and influencers. It increased by 4% in the last 12 hours and is currently trading at $2.61

What Turns Crypto Market Volatile?

Despite a strong pullback in the US equity markets on Monday, Oct 31, Bitcoin (BTC) and the broader crypto market have remained rock solid with little volatility. As a result, what we are seeing today may be the first indicators of Bitcoin's long-term decoupling from the US equities market. If the weakening of the correlation between crypto and equities continues, this might be a positive indication for the broader crypto market.

Major Events Around the World

  • Elon Musk has spilt the beans and hinted that Dogecoin (DOGE) will be available on the Twitter platform very soon. Elon Musk recently tweeted a picture of a Shiba Inu dog wearing a Twitter t-shirt. As a result, this adds fuel the current speculation that he may soon accept DOGE payments on his newly acquired social media platform.

  • Nicolai Muchgian, co-founder of MakerDAO and a coder, was discovered dead on the beach behind Ashford Hospital in Condado, Puerto Rico. The crypto world mourns the death of the 29-year-old coder who worked on various projects including Ethereum, MakerDAO, BitShares, and Reflexer Labs' DAI fork Rai.

  • Steph Curry has filed a trademark application for "Curryverse" to introduce his own version of the Metaverse to the NBA's 650 million fans on October 26.

COINGABBAR VIEWS: The Brodaer cryptocurrency market is extremely volatile due to tomorrow's (Nov 2) scheduled FOMC meeting, which will determine the next hike in interest rates as well as set a new trend pattern for cryptocurriecnies.

Read also: BITCOIN PRICE ANALYSIS CMP-$20,580: BTC is trading in a range ahead of tomorrow's key event in the U.S

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