12 Hrs Crypto Update 08, Oct: Altcoins Fall As Inflation Soars Bitcoin
As inflation rises, altcoins plummet. According to recent rumors, Treasury Secretary Janet Yellen may be departing the Biden administration if Democrats maintain control of the Senate.
The crypto market has fallen again as
the macroeconomic outlook keeps getting worse.
Bitcoin has once again fallen below the $20k level, currently trading at $19,508. It fell close to 0.3% in the last 12 hours.
Altcoins continue to bear the weight of the crypto market's sluggishness. The Ethereum price has dropped 0.5% in the last 12 hours and is currently trading at $1328.
At the time of writing, the global cryptocurrency market cap increased by 2.4% in the last 24 hours to $985 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $49.39 billion.
Top Cryptocurrencies Price Action
Binance Coin, or BNB, was one of the crypto market's worst losers. Following a major attack with an attempted steal of $600 million, BNB dropped 0.9% in the last 12 hours. It is currently trading at $280.
After breaking its upward trend, the Dogecoin price has dropped 0.6% in the last 12 hours. Based on CoinGabbar statistics, DOGE is currently trading at $0.6212. Meanwhile, Shiba Inu has increased by 0.2% and is currently trading at $0.00001108.
The performance of Stratis (STRAX) also shows a positive trend. As per CoinGabbar statistics, STRAX increased by 31% in the last 12 hours. The weekly data shows a gain of 35% for this coin. It is currently trading at $0.6699.
What Turns Crypto Market Red?
The crypto market is struggling as a result of the Federal Reserve's aggressive stance. Despite the continuing prospect of a recession, the Fed looks to be proceeding in lockstep with its quantitative tightening.
After the release of the unemployment data, it seems that the Fed's hawkish stance will continue to stay. It highlights that the economy and labor market are too robust for the Fed to shift to monetary easing.
Major Events Around the World
The Luna Foundation Guard, a Terra ecosystem fund, has said that it cannot specify a schedule for distributing assets to customers following the de-pegging of stablecoin TerraUSD from the dollar. In a Twitter thread on Oct 7, LFG highlighted ongoing and impending litigation as one of the reasons it is unable to disperse its remaining assets to UST customers.
Cryptocurrency exchange Huobi Global announced on Saturday that its founder, Leon Li, has sold his entire controlling stake to About Capital Management of Hong Kong. However, the cryptocurrency exchange acknowledged that there was no impact on Huobi's core functioning or business management personnel.
The Reserve Bank of India (RBI) announced that it will shortly begin the pilot launch of its e-rupee. However, it will also include some specific use cases in order to strengthen the nation's digital economy. This major move comes despite the recent collapse of the global cryptocurrency market.
COINGABBAR VIEWS: The broader crypto market is bleeding badly because of global macroeconomic circumstances. As back-to-back data shows rising inflation, the Fed will wait for CPI data next week before deciding on the next interest rate hike on November 1st.
