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Crypto Market Daily Highlights – BNB and SOL Buck the Top Ten Trend

Cory Russell

Oct 31, 2022 15:41

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The crypto top 10 had a choppy Sunday session. The top ten trend was defied by solana (SOL) and binance coin (BNB). BTC saw its first negative session in three sessions despite avoiding the sub-$20,000 level for a fifth straight day.


The Sunday dip was probably caused by profit-taking as there was no cryptocurrency event for investors to consider.


Although the week was positive due to expectations of a December Fed turnaround, market jitters may develop before of Wednesday's FOMC interest rate decision and the crucial press conference by Fed Chair Powell.


The markets continued to factor in a 75-basis point Fed rate increase this morning. Nevertheless, there is still ambiguity about the Fed's December intentions. Labor market conditions, personal spending, and Q3 GDP data imply greater front-loading whereas private sector PMIs, housing data, and consumer confidence data indicate a less hawkish Fed.


The likelihood of rate increases in November and December, according to the FedWatch Tool, are 80.3% and 44.3%, respectively. The probability of a 75-basis point increase in December was 45.6% a week ago.


The NASDAQ 100 and cryptocurrency markets' sensitivity to US economic data and the FED maintains their short-term link. The NASDAQ 100 Mini was down 52.5 points this morning.


Bitcoin Market Declines As investors lock up profits, there is a shortfall of $1 trillion.


The cryptocurrency market increased to a mid-morning high of $996.5 billion after a rocky start to the day. The crypto market, however, dropped to a low of $962.3 billion following a downturn in the late morning and a negative afternoon.


Late support reduced the shortfall to $9.2 billion as the cryptocurrency market cap concluded the day at $972.4 billion. The crypto market increased by $74.1 billion over the course of the week despite the Sunday drop.


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