Crypto Market Overview: Crypto markets continue to rise for another day. According to market data, the global crypto market capitalization continues to inch towards the $1.12 trillion mark.
The Crypto Fear and Greed Index re-entered the neutral zone for the first time in September, with a score of 47/100.
Cryptocurrency Fear and Greed Index | Image credit: Alternative.me
Shubham Hudda, Senior Manager at CoinSwitch Markets Desk, said: โWe can expect some volatility in the markets as the US Federal Reserve is expected to announce its interest rate decision today. The Federal Open Market Committee (FOMC) meeting continues from yesterday and interest rates are expected to remain the same. However, any increase in interest rates will trigger a sell-off in risk assets, while a rate cut may induce a rally.โ
Speaking about the buy signals on Bitcoin charts, Sudeep Saxena, co-founder of CoinGabbar, said: โInvestors are enthusiastically driving Bitcoin's rally in anticipation of the Federal Reserve's imminent interest rate announcement. The prevailing consensus suggests that the Federal Reserve is likely to keep interest rates at the 5.50 percent level. Additionally, a โgolden crossโ buy signal recently materialized when the 50 SMA crossed above the 200 SMA, adding to the positive sentiment.โ
Rajagopal Menon, vice president of WazirX, spoke to Republic about the impact of the Nomura Bitcoin Adoption Fund on the cryptocurrency market, promoting buying sentiment. Menon said: โJapan's leading investment bank Nomura has bolstered the cryptocurrency market with the Bitcoin Adoption Fund through its digital asset subsidiary Laser Digital. This move will further boost institutional adoption of cryptocurrencies. The Hull moving average at 27,160 indicates โbuyโ sentiment, and the major market moving averages indicate strong โbuyโ sentiment.
Shivam Thakral, CEO of BuyUcoin, said: โBTC recorded its best performance in 2 weeks by surpassing the $27,000 mark, while ETH changed hands above the $1600 level. Market gurus are suggesting that the Reserve US Federal could pause the rate hike, but they did not rule out future rate hikes. If the cost of borrowing remains unchanged, it may be beneficial for the market in the long term.โ
Edul Patel, CEO and co-founder of Mudrex, said: โWith market sentiment ranging from neutral to bullish, market participants are awaiting the Federal Reserve's imminent FOMC decision regarding interest rates. Meanwhile, Ethereum maintains its position above the $1,600 threshold.โ
In other news, OP, Ethereum's Layer 2 Optimism major, has announced its third round of airdrop in which people who have participated in Optimism governance will be rewarded in OP tokens. Aside from that, bankrupt exchange FTX has filed a lawsuit against the parents of its founder, Sam Bankman Fried, for stealing millions from the crypto exchange.
Prices listed were last checked at 11:30 am today according to Coinmarketcap.com
Crypto market in the last 24 hours
The cryptocurrency market continues to rise following some major updates in the industry. Bitcoin has gained 0.98 percent in the last 24 hours and has been able to surpass the $27,000 mark. Ethereum, on the other hand, remained relatively stable and marked a minimal drop of 0.08 percent.
In addition to these two leading cryptocurrencies, XRP, Toncoin, Polygon, and Wrapped Bitcoin posted significant gains, with While BNB, Cardano, Dogecoin, Solana, Tron and Litecoin traded negatively.
In a recent update, Balancer, an ETH-based DeFi protocol, warned its users to stay away from its website as it is under a frontal attack, with estimates of losing over $238,000 so far. However, the company has said that the Balancer vault is 100 percent secure.
