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12 Hrs Crypto Update 12, Oct: Bitcoin, Ethereum, Solana Again Turns

The macroeconomic situation continues to influence stock market price movement. Since crypto is so strongly correlated to the stock market, it is also impacted by the macroeconomy.

12 Oct 2022 By: Ashish Sarswat
12 Hrs Crypto Update

The cryptocurrency market is still responding to broader 

macroeconomic trends. 

The crypto market is currently soaring as market sentiment improves. As a result, the global markets rallied significantly.

As per CoinGabbar statistics, the Bitcoin price surged by 0.6% in the last 12 hours and is currently trading at $19,131. Ethereum prices also skyrocketed by 1.49%. Ethereum's price is currently trading at $1,299. The rest of the cryptocurrencies followed Ethereum's lead.

At the time of writing, the global cryptocurrency market cap increased by 1.8% in the last 24 hours to $0.963 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $50.25 billion.

Top Cryptocurrencies Price Action

After breaking its downward trend, Cardano (ADA) has surged 0.5% in the last 12 hours. Based on CoinGabbar statistics, ADA is currently trading at $0.3929. Meanwhile, Solana has increased more than 1.58% and is currently trading at $31.26.

After a brief fall, Binance (BNB) increased by 0.5% in the last 12 hours. In the last seven days, it has decreased by more than 7.9%. As per CoinGabbar stats, BNB is currently trading at $271.5.

LooksRare (LOOKS) continues to gain traction among cryptocurrency traders and influencers. It increased by 8.8% in the last 12 hours and is currently trading at $0.2094.

What Turns Crypto Market Green?

The macroeconomic condition continues to drive stock market price movement. As cryptocurrency is highly correlated with the stock market, it is also influenced by the macroeconomy. The market saw a major sell-off as a result of central banks' quantitative tightening. As a result, the Bank of England's pivot sparked a significant rise.

If the UK's central bank goes forward with easing crypto regulations, the crypto market might witness a significant surge.

However, the crypto market is more reliant on the US Federal Reserve. The Fed is unlikely to switch to easing any time soon. As a result, any crypto surge will be fleeting.

Major Events Around the World

-Mango Markets, Solana-based decentralized finance (DeFi) platform, has been hacked in the latest exploit. As per the reports, the attacker was able to steal more than $100 million via the DeFi protocol.

-Grayscale Investments, the world's largest crypto asset manager, has slammed the Securities and Exchange Commission (SEC) for rejecting the spot Bitcoin ETF.

-Grayscale intends to convert its $12 billion Bitcoin Trust (GBTC) into a spot Bitcoin ETF. However, the SEC rejected this proposal, citing fraud and market manipulation risks.

-On Wednesday (Oct 12), Elon Musk announced that The Boring Company's Burnt Hair perfume will accept Dogecoin (DOGE) as payment. As a result, the DOGE price rises by more than 3%, from $0.057 to $0.060. Tesla's CEO even altered his Twitter bio to "Perfume Salesman" to advertise the new product.

COINGABBAR VIEWS: Market uncertainty is the most significant impediment to the broader crypto market. The hawkish stance of central banks continues to influence price fluctuations. There is no hint that the Federal Reserve will alter its quantitative tightening policy.

Also, the September Consumer Price Index will be released tomorrow by the US Bureau of Labor Statistics. It will be the most significant event in determining Bitcoin's near-term future.

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