Over the coming week, crypto traders will focus on Tuesday’s midterm elections in the United States, which could have major implications for regulatory policy or economic decisions.
Except for stablecoin Tether and Polygon, all other major crypto tokens were trading at big discounts on Monday. Solana fell more than 9%, while Dogecoin fell 6%. Polygon increased by 6%.
The global cryptocurrency market capitalization traded at $1.04 trillion, dropping as much as 2% in the past 24 hours. However, the total trading volume remained stable, almost unchanged, at $70.14 billion.
Sathvik Vishwanath, co-founding CEO of Unocoin, said the Fed had raised interest rates by 75 basis points and warned that further increases in borrowing costs would be needed to fight inflation. US employment data will significantly affect the cryptocurrency market as a whole.
“The U.S. Federal Reserve may continue to raise interest rates amid a tight labor market, as the Bureau of Labor Statistics (BLS) reported that U.S. nonfarm payrolls rose by 261,000. in October, surpassing estimates of 200,000,” he added.
Labs, the company behind Helium Network and a new crypto-powered cellular service called Helium Mobile, said it will provide free SIM cards and trials to customers of Solana Labs’ new Saga phones.
Litecoin’s mining difficulty is at a new high, peaking at just under 18 million hashes, according to a Litecoin Foundation post on cryptocurrency market data site coinmarketcap.
The advance in Polygon’s native MATIC cryptocurrency scaling system accelerated on the back of positive news and bullish chart patterns. Meta announces NFTs powered by Polygon.
Foreign exchange transactions could go from a two-day process to less than 10 seconds if central bank digital currencies (CBDCs) were involved, according to an experiment conducted by the Federal Reserve Bank of New York.
Santander will block UK customers from sending real-time payments to cryptocurrency exchanges next year as part of measures to protect customers from scams, the bank said in an emailed statement.
Funds belonging to or destined for Iranians have passed through the world’s largest cryptocurrency platform, Binance, the company said, risking violation of US sanctions.
Tech View by Proassetz Exchange
Doge gave a breakout from a descending channel with increasing volume. Since May 2021, the price was trading in this channel, but there is a resistance level at 0.16. It is important to see if the price will be able to break above this level or not.
(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)