Despite today's short rally, the cryptocurrency market remains pessimistic. The Federal Reserve remains hawkish despite global recessionary concerns.
As a result, the prices of Bitcoin (BTC), Ether (EHT), Cardano (ADA), and Ripple (XRP) remain extremely volatile.
At the time of writing, the global cryptocurrency market cap fell 1% in the last 24 hours to $0.977 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $40.03 billion.
At the time of writing, the Bitcoin price is trading at $19,347. This follows a 0.78% drop in the last 12 hours. As a result, its market capitalization stands at $370.09 billion. However, the 24-hour trading volume for BTC has decreased by 2.75% to $22,608,642,785.
As per CoinGabbar statistics, ETH, the second largest cryptocurrency by market cap, is currently trading at $1,315, which decreased 1.29% in the last 12 hours. Furthermore, its price has increased by 3.12% in the last week.
Top Cryptocurrencies Price Action
After reports of Huboi’s acquisition started circulating, the price of TRON's TRX token increased to $0.06368, representing a rise of 2.89% in the last 12 hours and 4.86% over the last seven days.
However, the price of Terra Luna Classic (LUNC) has climbed by 4% in the last 12 hours. LUNC is currently ranked 33rd in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of MATIC was trading at $0.00031.
Stratis (STRAX) continues to gain traction among cryptocurrency traders and influencers. It increased by 3.15% in the last 12 hours and is currently trading at $0.589.
What Turns Crypto Market Extremely Volatile?
Despite today's short rally, the cryptocurrency market is still gloomy. The Federal Reserve remains hawkish despite global recessionary concerns. The United Nations has encouraged the world's economies to stop their antagonistic stance. However, the Federal Reserve of the United States is unlikely to assist.
The cryptocurrency market is heavily correlated with the overall stock market. As a result, macroeconomic factors will continue to influence price volatility.
Major Events Around the World
Earlier this month, South Korean prosecutors said that if Terra founder Do Kwon did not appear, his passport would be revoked. The deadline has been set for October 19, next week. Do Kwon is currently listed on the Red Notice, and his whereabouts are unknown. South Korean officials have been seeking for Do Kwon to investigate the Terra ecosystem's $60 billion implosion in May 2022.
TrueFi, a decentralized finance (DeFi) lending platform, issued a default notice to Blockwater Technologies earlier today, October 10, for failing to make a scheduled payment on its $3.4 million BUSD loan.
Dapper Labs, the developers of the Flow blockchain, blocked Russian accounts after the European Union (EU) imposed additional restrictions on Russia and its residents.
On October 6, the EU issued the latest set of sanctions on Russia. The sanctions include a complete restriction on the supply of crypto-asset wallets, accounts, and custody services, regardless of asset value.
COINGABBAR VIEWS: As capital has continued to stream into the global crypto market, its value has fluctuated dramatically. Recent market movements have raised the value of Bitcoin, Ethereum, and other cryptocurrencies. As the favorable trend has continued, new investments have increased. If the current trend continues, the market is anticipated to gain further.
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