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Ether ticks above $1,600 as crypto-related earnings take center stage

On Monday, prices for bitcoin and ether were $20,727 and $1,620, respectively.As BNB, SOL, and AVAX saw little advances, altcoins experienced some greater gains.

Photo by DrawKit Illustrations / Unsplash

On Monday, prices for bitcoin and ether were $20,727 and $1,620, respectively.
As BNB, SOL, and AVAX saw little advances, altcoins experienced some greater gains.

Crypto profits are significant this week

As crypto profits take center stage this week, the price of cryptocurrencies is still trending upward today. According to exchange statistics, the price of one bitcoin was $20,727 on Coinbase, having decreased by about 0.1% during the previous 24 hours. At the same time, ether increased by 1%, and the native coin of Ethereum was trading at $1,620.

On Monday, altcoins also saw a little gain. The native currency of Binance, Solana, and Avalanche increased by 5.2%, 4.9%, and 3.5%, respectively. CoinGecko (1) shows that the HUSD stablecoin has fallen more than 60% in the past several hours. Since Huobi announced its delisting on October 28, the stablecoin has been trading below its peak.

Calls for crypto earnings

Today's proceedings begin with Coinshares' earnings report (2). The asset management launched numerous new product lines during the third quarter, including a Twitter bot that aids NFT traders in determining fair value. On Tuesday, MicroStrategy reports its financial results. The software company most recently added to its 130,000 BTC holdings in September.

On Wednesday, Robinhood will present its findings. After missing profits in August, the retail investing app started cutting costs last quarter. On Thursday, Coinbase will take center stage, along with Block, PayPal, and Mercado Libre.

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The Macro issues

As the U.S. Federal Reserve prepares to announce its next interest rate rise on Wednesday, it will be another significant week for macroeconomic events. Rates are anticipated to rise by another 75 basis points from the central bank. Interest rate traders claim that the market is pricing in an 89% chance of a 75 basis point hike based on the CME's FedWatch tool (3).

On Monday, the rate of inflation in the Eurozone in Europe reached a record high of 10.7%. The ECB continued its fight against the raging inflation last week by raising rates by 75 basis points. On Thursday, the Bank of England is anticipated to increase interest rates by 75 basis points.