Despite growing worries about global financial stability, the European Central Bank will increase interest rates by 75 bps. The decision on the next increase will be made on Oct 27th.
Due to unfavorable market conditions.
However, the macroeconomic factors do not appear to be strengthening anytime soon. As a result, the prices of Bitcoin, Ethereum, NEAR & XRP turn red.
At the time of writing, the global cryptocurrency market cap drops 2.8% in the last 24 hours to $0.958 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $59.06 billion.
At the time of writing, the crypto market leader, Bitcoin price is trading at $19,167. This follows a 0.8% decrease in the last 12 hours. As a result, its market capitalization stands at $368.26 billion.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,298.1, which decreased 0.9% in the last 12 hours. Furthermore, its price has increased by 1.4% in the last week.
Top Cryptocurrencies Price Action
The price of Cardano (ADA) has dropped by 2.2% in the last 12 hours. ADA is currently ranked 8th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of ADA was trading at $0.3543.
At the time of writing, the price of FTX (FTT) has dropped by 3.4% in the last 12 hours. FTT is currently ranked 26th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of FTT was trading at $22.77.
As per CoinGabbar statistics, STRAX increased by 3.5% in the last 12 hours. The weekly data shows a gain of 3.73% for this coin. It is currently trading at $0.5097.
What Turns Crypto Market Red?
The Federal Reserve of the United States will most certainly hike interest rates again. As per reports, the European Central Bank will now take a similar stance. The hawkish stance may result in a crypto collapse.
Despite growing worries about global financial stability, the European Central Bank will increase interest rates by 75 basis points. The decision on the next increase will be made on October 27th. The European Central Bank's hawkish stance will have a detrimental impact on the cryptocurrency market.
Major Events Around the World
The long-running legal battle between the Securities and Exchange Commission (SEC) of the United States and Ripple is currently in the Summary Judgment Phase. As a result of this occurrence, additional companies are attempting to intervene in the XRP litigation as Amicus Curiae. During this time, the defendants have filed a Memo of Law against the Commission.
Flipkart, the Walmart-backed Indian e-commerce behemoth, has launched a pilot program that will allow customers to make purchases in a metaverse world. The company announced the launch of its own metaverse, Flipverse, in which various companies would be able to provide their own purchasing experiences.
Binance, a cryptocurrency exchange, announced on Wednesday (Oct 19) that the Terra Classic (LUNC) burn tax has been reduced from 1.2% to 0.2%. The Terra Classic community unanimously approved Proposal 5234, which reduced the tax to 0.2% and established a community pool of 10% to fund Terra Classic ecosystem growth and contributors.
The long-running legal battle between the Securities and Exchange Commission (SEC) of the United States and Ripple is currently in the Summary Judgment Phase. As a result of this occurrence, additional companies are attempting to intervene in the XRP litigation as Amicus Curiae. During this time, the defendants have filed a Memo of Law against the Commission.
COINGABBAR VIEWS: The market's negative impact will undoubtedly put downward pressure on the market. However, Bank of America predicts a significant equity rise in early 2023. It is also possible that the market has already priced in a 75 basis point hike.
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