Key Fed Inflation Rate Released, Crypto Reacts; New Coinbase Q3 Report Reveals Real Picture of BTC vs. ETH, XRP on Verge of Reaching Dangerous Support Level: Crypto News Digest by U.Today
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Here are the top three news stories from the last day of October brought to you by U.Today.
Key Fed inflation rate released, here's crypto's reaction
On Thursday, Oct. 31, the U.S. Commerce Department reported that the key inflation rate slightly increased in September, reaching 2.1% and moving closer to the Federal Reserve's target. The personal consumption expenditures (PCE) price index also rose 0.2%, seasonally adjusted for the month, while the 12-month inflation rate was 2.1%, in line with Dow Jones projections. The core inflation climbed to 2.7%, up 0.3% from August. This data comes as investors are speculating that the Fed might decide to lower its benchmark short-term borrowing rate in their meeting next week. While investors process the latest economic data, cryptocurrencies have generally experienced declines, with notable losses across various coins. Over the previous 24 hours, Bitcoin, Shiba Inu, Pepe, Chainlink, Bonk and WIF have seen their values drop between 1.7% and 7%.
Alex DovbnyaBitcoin vs. Ethereum: New Coinbase Q3 report reveals real winner
According to the Q3 report from Coinbase, the leading crypto exchange, Bitcoin's trading volume on the platform rose by 2% to 37%, while the trading volume of Ethereum remained unchanged at 15%. Bitcoin continued to prevail in terms of transaction revenue as well; over the three months of the quarter, BTC grew from 31% to 35% of the total revenue. In contrast, Ethereum saw a slight decline, with its share slipping to 16%, down 1% from the previous quarter. Thus, it can be said that Bitcoin continues to catch the public's interest, maintaining its strong presence on the market. At the same time, while there are some concerns about Ethereum's relevance in this cycle, ETH is still favored by many crypto enthusiasts. At the moment of writing, Bitcoin is changing hands at $70,752, down 1.56% over the past 24 hours, and Ethereum is at $2,558, down 2.29% over the same period, per CoinMarketCap.
XRP on verge of reaching dangerous support level
XRP is approaching a critical support level that could lead to a further decline in its price. As a reminder, the asset has been among the top 10 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, a crucial support level. If this level is broken, it could pave the way for even lower price levels. XRP's price movement has been weak compared to other cryptocurrencies, and it has failed to maintain above key moving averages, which now act as barriers to potential recovery. Moreover, declining trading volume indicates that investor interest is fading, raising concerns about a possible decline to the $0.50 level or even lower. Without a significant increase in buying activity or any positive developments on the market, XRP is likely to experience ongoing downward pressure. This situation is further intensified by Bitcoin's dominance and investors shifting their focus to other assets.
Godfrey Benjamin
U.Today Editorial Team
Vladislav Sopov
Dan Burgin