U.Today – here are the three most essential news from the last day of October, brought to you by U.Today.
Fed Key Inflation Rate Released, Here’s Crypto Reaction
On Thursday, October 31, the U.S. Department of Commerce reported that the headline inflation rate increased slightly in September, reaching 2.1% and approaching the Federal Reserve’s target. The personal consumption expenditures (PCE) price index also rose by a seasonally adjusted 0.2% for the month, while the 12-month inflation rate was 2.1%, in line with Dow Jones projections. Core inflation rose to 2.7%, an boost of 0.3% compared to August. The data comes amid investor speculation that the Fed may decide to cut its benchmark short-term lending rate at its meeting next week. While investors process the latest economic data, cryptocurrencies are generally seeing declines, with significant losses across a variety of coins. In the last 24 hours, the values ​​of , , Chainlink, Bonk and WIF fell between 1.7% and 7%.
Bitcoin vs.: New Coinbase (NASDAQ:) Q3 report reveals the real winner
According to Coinbase, a leading cryptocurrency exchange’s third quarter report, Bitcoin trading volume on the platform increased by 2% to 37%, while Ethereum trading volume remained unchanged at 15%. Bitcoin also continued to dominate in terms of transaction revenue; within three months of the quarter, BTC increased from 31% to 35% of total revenues. Ethereum, on the other hand, saw a slight decline, with its share dropping to 16%, down 1% compared to the previous quarter. It can therefore be said that Bitcoin continues to enjoy public interest, maintaining its powerful presence in the market. At the same time, although there are some concerns about Ethereum’s importance in this cycle, many cryptocurrency enthusiasts still prefer ETH. At the time of writing, Bitcoin is changing hands at $70,752, down 1.56% over the past 24 hours, and Ethereum is trading at $2,558, down 2.29% over the same period, according to CoinMarketCap.
one step away from risky support levels
XRP is approaching a critical support level that could lead to its price falling further. As a reminder, this cryptocurrency has been among the top ten worst-performing cryptocurrencies in recent months, struggling to establish a stable base and lacking significant market enthusiasm. Currently, XRP is trading at $0.5167, close to $0.5185, which is a key support level. A break through this level could pave the way for even lower price levels. XRP’s price movement has been tender compared to other cryptocurrencies and has failed to stay above key moving averages that are currently acting as a barrier to a potential recovery. Moreover, dwindling trading volume indicates waning investor interest, raising concerns about a possible decline to $0.50 or even lower. Without a significant boost in purchasing activity or any positive market developments, XRP will likely experience continued downward pressure. This situation is further deepened by the dominance of Bitcoin and the shift of investors’ attention to other assets.
