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Crypto wrap: Markets rally on expectation of softer stance from US Fed

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of There were signs of a slight recovery last week.Total crypto at the beginning of Friday Market capitalization (m-cap) has reached the $1 trillion mark.Bitcoin, max With the m-cap surpassing $20,000, Ethereum crossed $1,500 for the first time since the “Merge” was signed in September. the data showed.

An expert told Business Standard that the current surge in cryptocurrency prices is due to expectations that the Federal Reserve (Fed) may soften its stance on the fight. due to growing fear of .

“Cryptocurrency market capitalization has returned to the $1 trillion mark with sustained gains. Ethereum and Ethereum have broken through key price resistances of $20,000 and $1.50,000 in the last 24 hours,” said a research team at crypto exchange CoinDCX.

“Market expectations of a slowdown in the global economy are rising, which could cause the Fed to ease its hawkish stance. Markets are still expecting a 75 bps rate hike at the upcoming FOMC meeting. , the odds of a 50 bps rate hike have risen slightly.”

The Fed is expected to announce a rate change on November 2nd. The cryptocurrency m-cap fell to $980 billion after he topped $1 trillion on Friday.

It was up 6% last week and was trading at $20,195 on Friday, according to Coinmarketcap. Ethereum, on the other hand, is trading at $1,506, with him up more than 17% over the past seven days. This may be due to the decreasing supply of digital tokens.

According to the analysis, with the move to a Proof of Stake (PoS) model, “ETH is no longer being mined, and the number of units entering the market each day has dropped significantly by up to 90%.” According to Kunji, a crypto asset management company.

“Total Ethereum supply appears to have peaked and is only a few days away from dropping below the levels that were in circulation at the time of the merge,” it added.

However, the biggest move was seen in Dogecoin (DOGE). As an announcement of the acquisition, To The headline-making meme coin is up about 40% over the last week. In the last 24 hours alone, he is up 6%, according to Coinmarketcap.

Reportedly, Received by Friday. As the news broke, it spurred the growth of Dogecoin (DOGE)… The billionaire shared a roadmap for making a memecoin for payments on the social media platform in question. We did,” said Edul Patel, CEO and co-founder of Crypto Investments. Platform Mudrex said.

It’s unclear when or why DOGE came to Musk’s attention, but he has spoken about the token numerous times through tweets over the years.

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