The cryptocurrency market cap fell more than 1%, hovering around $3.9 trillion during the late North American session on Tuesday, October 28. Bitcoin (BTC) prices led the broader altcoin market in bearish sentiment, falling to a local low of around $112,412.
The price of Ethereum (ETH) fell more than 3% over the past 24 hours, trading at around $3,946 at the time of writing. Nevertheless, fears of further crypto capitalization have gradually subsided as traders await impactful news from the United States.
Main reason why Crypto is not available today?
Medium-term uncertainty caused by Wednesday’s Fed rate cut
The crypto market has seen higher volatility over the past 24 hours ahead of the upcoming FOMC data. The Fed’s rate moves have sent shockwaves to the crypto market, amid increasing calls for a 2025 altseason.
Nevertheless, crypto traders expect the bullish outlook to return amid expected Fed rate cuts and the onset of quantitative easing (QE). Furthermore, the continued capital rotation from gold to Bitcoin will be amplified by the Federal Reserve’s cash printing, with experts predicting $1.5 trillion in the near term.
Sell the news impact after Altcoins ETFs
The broader cryptocurrency market saw a slight decline following news that spot altcoin ETFs are now live, amid the ongoing US government shutdown. The altcoin ETF hype is slowly being taken into account as traders await QE and rate cuts from the Fed.
Long squeeze impact caused by high liquidations
The crypto market recorded a notable decline on Tuesday, fueled by heavy liquidation from long traders. According to market data from MintGlassOf the $567 million liquidated by crypto traders in the past 24 hours, more than $409 million involved long traders.
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