In the last 12 hours, the global cryptocurrency market has shifted from a bearish to a bullish trend. The recent swings in Bitcoin, Ethereum, and other cryptocurrencies reflect an upward trend.
Trend in the recent 12 hours, according to CoinGabbar figures.
As market sentiment strengthens, the crypto market is currently surging. As a result, the global markets experienced a short rally.
However, at the time of writing, the global cryptocurrency market cap fell 1.9% in the last 24 hours to $0.966 trillion. As per CoinGabbar data, the total crypto market volume over the last 24 hours was $47 billion.
As per CoinGabbar statistics, the Bitcoin price surged by 0.8% in the last 12 hours and is currently trading at $19,200. Ethereum prices also surged by 1.37%. Ethereum's price is currently trading at $1,294. In addition, the rest of the cryptocurrencies followed Ethereum's lead.
Top Cryptocurrencies Price Action
After a brief fall, Binance (BNB) increased by 1% in the last 12 hours. In the last seven days, it has increased by more than 4.84%. As per CoinGabbar stats, BNB is currently trading at $285.5.
The price of Uniswap (UNI) has climbed by 2.73% in the last 12 hours. UNI is currently ranked 18th in CoinGabbar's top cryptocurrency ranking in terms of market cap. At the time of writing, the price of UNI was trading at $6.4.
The performance of the Polygon (MATIC) also shows a positive trend. As per CoinGabbar statistics, the MATIC price increased by 1.5% in the last 12 hours. The weekly data shows a gain of 6.57% for this coin. The price of the MATIC is currently trading at $0.7754.
What Turns Crypto Market Bullish?
The core PCE price index, which excludes food and energy, increased by 0.6%. The PCE is one of the most prominent indicators of inflation in the United States. Experts believe the Federal Reserve prefers it to the Consumer Price Index. The most recent CPI also shows that the Fed is unable to control inflation.
The Federal Reserve will announce its next interest rate decision in November. However, statements from Federal Reserve officials might have an influence on the cryptocurrency market. Similarly, key data releases may create chaos in the global economy.
Major Events Around the World
Another Lehman-like event is brewing up in the banking sector, with Swiss banking behemoth Credit Suisse currently in a "critical" state. Credit Suisse CEO Ulrich Koerner noted that the company is preparing for the current restructuring and has requested investors for a recovery narrative in less than 100 days.
As per the latest report, Celsius founder Alex Mashinsky withdrew $10 million from the crypto lender just weeks before user accounts were blocked. Mashinsky withdrew the cryptocurrency in May 2022, as users began to withdraw their holdings in huge numbers due to concerns about Celsius' financial stability. The withdrawal disclosures may increase focus on Mashinsky, who resigned on September 27. It also raises the question of whether Mashinsky was aware that Celsius would be unable to refund its users' assets.
Vitalik Buterin, co-founder of Ethereum, suggests "partial block auctions" to address Ethereum censorship risks. Buterin aims to limit the authority of builders in order to prevent centralization and other Ethereum economic exploitation. The concerns about Ethereum censorship grew significantly with Merge's transition to the PoS mechanism.
COINGABBAR VIEWS: As capital has continued to flow into the global crypto market, its value has increased. The market's recent moves have boosted the value of Bitcoin, Binance Coin, and other cryptocurrencies. As the positive trend has continued, fresh investments have increased. If the current situation persists, the market will most likely strengthen further. The market's positive trend has been observed after some time, and it appears to be continuing, as evidenced by the current influx.
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