Bitcoin and Ether fell along with all other top ten cryptocurrencies by market capitalization in Tuesday morning trading in Asia, with the world’s largest cryptocurrency barely holding at the support line of US$19,000, a mark it has fluctuated around for much of the past month.
- Bitcoin fell 1.6% in the past 24 hours to trade at US$19,141 at 8 a.m. in Hong Kong, while Ether fell 2.4% to US$1,291, according to data from CoinMarketCap.
- XRP saw the largest losses in CoinMarketCap’s top ten, falling 6.9% to US$0.49. Despite this downturn, XRP is still trading up 7.3% for the past seven days following a series of positive developments for Ripple Labs Inc., — the firm whose payment network is powered by XRP — in its ongoing lawsuit with the U.S. Securities and Exchange Commission.
- Leading memecoin Dogecoin was down 4.3% to US$0.059, Cardano dropped 5% to US$0.40 and Solana fell 2.8% to US$31.97.
- U.S. equities closed Monday lower as well. The Dow Jones Industrial Average dropped 0.3%, the S&P 500 Index fell 0.8% and the Nasdaq Composite Index finished the day down 1%.
- More than three-quarters of the 45 economists who compiled the NABE October 2022 Outlook Survey believe there is less than a 50% chance the U.S. economy will achieve a ‘soft landing’ as a result of the Federal Reserve’s campaign to tackle inflation by raising interest rates. The National Association for Business Economics released the report on Monday, which also found that more than half the panelists said the greatest downside risk to the economy is too much monetary tightness by the Fed.
- The Fed is committed to its campaign of raising interest rates until inflation — which was running at 8.3% for the 12 months to August — falls to a target level of 2%. Fed Chair Jerome Powell has said this can be done while achieving a ‘soft landing’ for the economy — that is, not tipping it into recession.
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