Crypto market painted in green
Crypto price today October 9: the crypto markets are trying to compensate offset yesterday’s losses as the majority of coins are trading in the green today. Bitcoin, the world’s largest cryptocurrency currently trading at $195005 with an intraday gain of 0.45%
While Ethereum, the smart contract giant, shows a gain of 0.72% and is currently changing hands at $1325.
Meanwhile, Solana(SOL) rose 1.07%, Avalanche(AVAX) gained 0.76% and Cardano(ADA) gained 0.20%.
Also, coinmarketcap ranked Quant(QNT) as a top gainer in the last 24 hours, registering a 10.58% increase.
However, XRP coin price remained in uncertainty, reflecting 0.04% negative change and current;y trading at $0.517
Here’s how the coming week could affect the crypto market
Investors will anxiously await Thursday’s US inflation figures, which will further influence the Fed’s interest rate hike. So far, the crypto market has reacted significantly to the Federal Reserve’s campaign to tackle high inflation.
Even the recent US unemployment data assures that market conditions are strong enough to withstand higher rate hikes. As a result, the potential rate hike of 75 to 80 basis points in November caused more panic in market sentiment.
Furthermore, Wednesday’s minutes from the Fed meeting will provide an official view of how inflation is developing and the outlook for interest rates in the future.
OPEC+’s recent announcement of the biggest supply cut since 2020 also added to the turmoil in the world economy. Therefore, the oil price increase will cause a major budget problem for the borrowing countries and ultimately market conditions.
Geopolitical events
The disturbing activities during the war between Russia and Ukraine threaten the market with further falls.
The Ukrainian city of Zaporizhzhia, which Russia claims to have annexed last month, has come under repeated attacks in recent weeks.
In a tweet, the Ukrainian Defense Ministry recently highlighted that 17 people were killed by Russian missile strikes in the southeastern city of Zaporizhzhia.
Another Russian missile attack on the city of Zaporizhzhia. 17 civilians were killed.
If #UAarmy had modern Western anti-missile systems, we could have prevented such tragedies. pic.twitter.com/6mTHlFshF9— Defense of Ukraine (@DefenceU) 9 October 2022
The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.
