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12 Hrs Crypto Update 21, Oct: Broader Cryptocurrency Market Turns Red

Today's (Oct 21) cryptocurrency market price is plummeting dramatically. Negative market sentiment wiped out any gains made during yesterday's mini-relief rebound. 

21-Oct-2022 By: Shailja Joshi
12 Hrs Crypto Update

The cryptocurrency market is reflecting bearish 

sentiments 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 3.8% in the last 24 hours to $0.942 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $51.61 billion.

At the time of writing, the crypto market leader, Bitcoin price is trading at $18,790. This follows a 1.42% decrease in the last 12 hours. As a result, its market capitalization stands at $363.26 billion. 

As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,264, which decreased 1.5% in the last 12 hours. Furthermore, its price has decreased by 4.25% in the last week.

Top Cryptocurrencies Price Action

The price of Solana (SOL) has dropped by 3.45% in the last 12 hours. SOL is currently ranked 9th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of SOL was trading at $27.27. 

At the time of writing, the price of DogeCoin (DOGE) has dropped by 2.6% in the last 12 hours. DOGE is currently ranked 10th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of DOGE was trading at $0.058.

As per CoinGabbar statistics, NEAR dropped by 3.16% in the last 12 hours. The weekly data shows a loss of 11.18% for this coin. It is currently trading at $2.79.

What Turns Crypto Market Red?

The crypto market is bearing the burden of global economic uncertainty. Treasury rates have soared as the Federal Reserve continues its aggressive stance. The stock market has also plummeted because of the uncertainties surrounding China. The S&P 500 is down 0.8%, while the NASDAQ 100 is down 0.5%. The cryptocurrency market is highly correlated with the stock market, especially the tech-heavy NASDAQ.

As the UK's macroeconomic crisis persists, the pound remains highly volatile. UK Prime Minister Liz Truss resigned, and the Conservative Party is currently looking for a new leader. That news is likely to cause significant volatility.

Major Events Around the World

  • Ripple and the defendants in the crucial XRP lawsuit filed by the United States Securities and Exchange Commission have made a significant breakthrough. In a major development, the commission appears to have abandoned its claim on the most talked-about Hinman speech documents.

  • Tron founder Justin Sun dispels rumors about recent massive transactions through his accounts in recent weeks. He stated that the reports of cashing out USDC stablecoin are untrue and that the transactions with Circle are only for internal fund sorting and allocation. 

  • Tesla CEO Elon Musk responded to Ripple CEO Brad Garlinghouse's tweet that the Securities and Exchange Commission has finally handed over the Hinman files to Ripple. Brad Garlinghouse advises not to trust the SEC's views on disclosure, openness, and clarity. The truth about the SEC's actions may actually shock people.

  • Hong Kong, a Chinese city and special administrative region, is eager to distinguish its crypto-regulating strategy from the blanket crypto prohibition in mainland China.

COINGABBAR VIEWS: Before participating in the market, crypto investors will await the Fed's interest rate announcement on November 2nd. It will have a substantial impact on the broader cryptocurrency market.

Read also: BITCOIN PRICE ANALYSIS CMP-$19,000: Bears are eager to break through the channel pattern

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