Bitcoin When ethereum It was seen trading on the green Wednesday night. Cryptocurrency Market capitalization was broadly flat at $921.5 billion at 9:16 pm EDT.
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Important reasons: The two biggest coins were also seen higher on a daytime basis Wednesday night in the US federal reserve The minutes of the September meeting are Interest rates are likely to remain high for the long term.
many Federal Open Market Committee Once the policy rate reaches a sufficiently restrictive level, participants should expect it to remain there for some time until there is compelling evidence that inflation is moving back to its 2% target. is appropriate,” he said.
Meanwhile, US producer prices rose more than I thought The producer price index (PPI) rose 0.4% in September, according to Bureau of Labor StatisticsEconomists had expected an increase of 0.2%.
Wednesday’s PPI data lags the main consumer price index data by just a day. CPI is a barometer of consumer prices, while PPI measures wholesale inflation.
US stock futures were seen trading slightly higher as investors eagerly awaited CPI figures and weekly unemployment claims data. This is also expected on Thursday.
Michael van de Poppe said there was “massive volatility” in the PPI numbers and that tomorrow would be “higher volatility.”
Great volatility in the PPI of this number.
At least inflation, not acceleration.
But tomorrow, during the CPI, volatility will be higher. He’s on the FOMC minutes again tonight.
Do not use high leverage during these events.
— Michael Van de Poppe (@CryptoMichNL) October 12, 2022
The trader warned his followers on Twitter, “Don’t use high leverage during the event!”
Edward Moyaa senior market analyst at OANDA said investors should expect a 75 basis point rate hike in November’s second FOMC decision.
“The Fed is giving us a subtle dovish tip here, which is good news for risk assets. That could easily happen after the FOMC meeting in January.”
Moya said of Vertex Coin: If inflation continues, Bitcoin could test last month’s lows just before $18,000. ”
cryptocurrency trader Justin Bennett said on Twitter that this “quiet period” [cryptocurrencies] It’s almost over. ”
this quiet period #Crypt is about to end.
— Justin Bennett (@JustinBennettFX) October 12, 2022
“The longer the market coils, the more explosive the breakout will be. Get ready.”
CryptoQuantCEO Gi Young Joo Institutional adoption of cryptocurrencies could happen “within a few years,” he said.
“Cryptocurrency market capitalization divided by M1 indicates the adoption of cryptocurrencies in asset allocation. For now, cryptocurrencies appear to be still in the retail adoption stage. It looks like we are almost ready to bring in the capital.”
Institutional adoption can occur in a few years.
The market capitalization of cryptocurrencies divided by M1 indicates the adoption of cryptocurrencies in asset allocation. For now, it appears that cryptocurrencies are still in the stage of retail adoption.
Institutional-grade infrastructure seems almost ready to bring in new capital.
— Ki Young Ju (@ki_young_ju) October 12, 2022
M1 refers to the primarily liquid money supply, including currency, demand deposits, and other liquid deposits including savings.
Meanwhile, on the Ethereum front, a total of 11,200 ETH was burned over the past four days as users rushed to mint XEN tokens, sending the second largest cryptocurrency into deflation. delphi digitalin a note that Benzinga saw.
Change in net daily supply and total supply of ETH since the merger — courtesy of Delphi Digital
The XEN token was launched by the ‘Fair Crypto Foundation’ and the project’s website says it was founded by Jack LevinAccording to Delphi Digital, he was an early engineer at Google.
“Users in total [4,100] ETH for interacting with the XEN token contract. At some point since the token’s launch, contracts accounted for more than 48% of the gas used on Ethereum,” said an independent research firm.
Delphi is Successful merger in mid-September ETH is still inflationary. Many have pointed to the deflation caused by XEN as evidence that the continued increase in on-chain activity during the next bull market could lead to a significant ETH deflation.