U.Today – Top News for October 31

Key Fed Inflation Rate Released, Here's Crypto's Reaction

On Thursday, Oct. 31, the U.S. Commerce Department reported a slight increase in the key inflation rate for September, reaching 2.1%, approaching the Federal Reserve's target. The personal consumption expenditures (PCE) price index also rose 0.2% (seasonally adjusted) for the month, while the 12-month inflation rate stayed at 2.1%, aligning with Dow Jones projections. Core inflation climbed to 2.7%, up 0.3% from August. Investors speculate that the Fed might lower its benchmark borrowing rate in their upcoming meeting. Following the economic data, cryptocurrencies experienced declines with Bitcoin, Shiba Inu, Pepe, Chainlink, Bonk, and WIF reporting losses between 1.7% and 7%.

Bitcoin vs. Ethereum: New Coinbase Q3 Report Reveals Real Winner

According to Coinbase's Q3 report, Bitcoin's trading volume rose 2% to 37%, while Ethereum’s remained at 15%. Bitcoin led in transaction revenue, increasing its share from 31% to 35% over the quarter. Conversely, Ethereum's share slipped to 16%, down 1% from the previous quarter. Bitcoin maintains strong market presence, trading at $70,752 (down 1.56% in 24 hours), while Ethereum is at $2,558 (down 2.29%).

XRP on Verge of Reaching Dangerous Support Level

XRP approaches a critical support level at $0.5185, trading currently at $0.5167. It has been among the worst-performing cryptocurrencies lately, struggling for a stable base and showing weak price movement. If the support level is breached, XRP may fall further. Its trading volume is declining, reflecting decreasing investor interest and raising concerns over a potential drop to $0.50 or lower, especially as Bitcoin dominates and investors shift focus.

This article was originally published on U.Today.