How Are Cryptocurrencies Prices Faring Today?
The top cryptos were experiencing a decline in transaction rate in the early hours of Oct. 10. The world cryptocurrency marketplace capitalization is currently at $944 billion following a 1.04% fall from yesterday. The overall trading volume for cryptocurrencies since yesterday is $31.85 billion, a decline of 37.51%.
While the Asian Session was ongoing, the top crypto asset, BTC, is gaining ground at $19 460 value, around a 0.08% increase. The formation of a Doji candle by BTC, followed by a significant negative trend, suggests that perhaps the bears have reached their limit and that bulls may now get into the marketplace to purchase an oversold currency. Also, the price of Ethereum is fluctuating at $1,326, up 0.06%.
Greed And Fear Index Indicates Serious Worries
According to reports, investors prefer secured assets like the USD or gold as the marketplace is still operating with a risk-off perspective. The serious worries suggested by the greed and fear index might be the triggers for the general setback in the crypto marketplace.
The majority of crypto assets have been oversold. Therefore, experts believe this worry moment might be a good moment to delve into the market and leverage the oversold coins.
Positive economic statistics may lead the US Federal Reserve to keep increasing interest rates, which would pressure the cryptocurrency industry. While anticipation for more US interest rate rises is at a record peak, the marketplace is taking a break.
Fed Price Rise And Stronger US Dollar
On Oct. 7, 2022, the Bureau of Labor Statistics of the United States released a report on the labor market statement for the country. In September 2022, the US unemployment rate decreased to 3.5 percent, reaching a 29-month low recorded in July but failing to deliver market estimates of 3.75 percent. Although non-farm payroll employment rose by 263 000 in September, experts had anticipated a 248,000 rise.
According to calculations, the United States Dollar may have a quarterly interest rate of 4.7 percent. If this happens, the crypto market may experience a recovery in the spring of 2023 as anticipation for interest rate reductions in the US rises in concert with a decline in inflation.
Robert Kiyosaki, a famous author, forecasts that the US dollar will decline by the first month of 2023. He further suggested that the value of cryptocurrencies like Bitcoin, Ethereum, and others may experience an increase.
