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<h2 id="header-0">Crypto market sees 6-day dip, linked to September CPI data.</h2><p>On Friday, both Bitcoin and other cryptocurrency tokens faced challenges, marking their fourth consecutive session of decline. The unexpected lower inflation figures in the United States contributed to a rise in the dollar index and treasury yields, affecting sentiments towards riskier asset classes.</p><p>In the past 24 hours, the overall crypto market volume was $22.71 billion, marking a 10.33% decrease. DeFi contributed $1.8 billion, equivalent to 7.91% of the total crypto market volume. Stablecoins accounted for $20.96 billion, comprising 92.28% of the total volume. Bitcoin&#39;s dominance stands at 50.02%, up 0.17% for the day.</p><h3 id="major-events-to-watch">Major Events To Watch:</h3><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/bc99a9e064ae4194ab201125fe0f5533.png" /></p><h4>Crypto Fear and Greed:</h4><p><img src="https://academy-public.coinmarketcap.com/optimized-uploads/ca5b1bd8d0404d1da4305e0efdab74a3.png" /></p><p>Over the last 24 hours, the cryptocurrency markets have witnessed a substantial value decline, resulting in a -point drop in the &#34;Greed and Fear Index.&#34; As a result, the index currently stands at 44 on its scale from 0 to 100.</p><h4>Latest Market Update:</h4><p>Early on Friday, Bitcoin, the world&#39;s oldest and most valuable cryptocurrency, fell below $27,000. Other popular altcoins like Ethereum, Dogecoin, Ripple, Solana, and Litecoin also saw losses. The Loom Network token was the top gainer, surging over 30% in 24 hours, while Mantle took the biggest hit with a more than 4% 24-hour drop.</p><h4>Major Worldwide News Update:</h4><ul><li>The crypto market experienced turbulence due to US inflation surpassing the Fed&#39;s target and concerns arising from the Israel-Hamas conflict. Bitcoin dipped 0.15% to $26,791.43, Ethereum slid 1.18% to $1,551.28, XRP fell 1.52% to $0.4794, and Solana dropped 3.38% to $21.43. The global crypto market cap was down 0.48% at $1.04 trillion, with a fear and greed index of 39, indicating trader &#34;fear.&#34; Loom Network (LOOM) notably surged by 30.12% to $0.2785, potentially influenced by Korean exchange Upbit&#39;s interest.</li><li>The cryptocurrency market experienced a slight dip as US <a href="https://www.coingabbar.com/en/price-analysis/bitcoin-price-analysis-cmp-dollar-btc-is-nervous-ahead-of-cpi-data" rel="noopener noreferrer nofollow">CPI data</a> exceeded expectations, with Bitcoin trading near $26,700. However, the market reacted calmly, possibly due to the CPI spike being driven by a temporary increase in rental costs. The US Federal Reserve faces challenges in managing inflation amid rising interest rates. The Fed&#39;s tightening cycle may soon come to an end, potentially favoring the crypto market in 2024, similar to 2019 when crypto prices surged after the Fed paused rate hikes. Upcoming events, such as the Bitcoin halving and potential approval of Bitcoin ETFs, could further boost the crypto market.</li><li>Prominent crypto analyst Cowen, known for insightful analyses, warns of a significant 40% drop in <a href="https://www.coingabbar.com/en/price-analysis/ethereum-price-analysis-cmp-dollar-critical-crossroads-hold-or-burst" rel="noopener noreferrer nofollow">Ethereum</a> against Bitcoin. He cites the declining ETH/BTC ratio as a sign of potential trouble for altcoins. Cowen&#39;s prediction is influenced by Bitcoin&#39;s growing dominance and the <a href="https://www.coingabbar.com/en/price-analysis/xrp-price-analysis-cmp-dollar-will-ripples-conflict-sec-cryptocurrency-end-today" rel="noopener noreferrer nofollow">cryptocurrency</a> market&#39;s liquidity drain.</li><li>Standard Chartered&#39;s Geoffrey Kendrick and his team predict Ethereum (ETH) could reach $8,000 by 2026, citing its dominance in DeFi, smart contracts, gaming, and tokenization. They also have an ambitious long-term forecast of ETH reaching between $26,000 and $35,000 by 2040. Kendrick suggests that U.S. regulations on spot exchange-traded funds could strengthen both BTC and ETH.</li><li>Chainalysis, a blockchain analytics firm, is the latest in a series of crypto companies to announce layoffs, citing &#34;market conditions.&#34; Industry leaders like Coinbase, Yuga Labs, and Ledger have also faced layoffs, reflecting broader market challenges. The crypto industry&#39;s vulnerability extends beyond coin value fluctuations, with economic and geopolitical factors playing a role. As the crypto sector matures, it will need to adapt to survive and thrive.</li><li>Caroline Ellison, former CEO of Alameda Research, testified in the federal fraud trial of Sam Bankman-Fried, revealing her involvement in a multibillion-dollar fraud orchestrated by Bankman-Fried. Ellison explained her role, claiming she felt trapped by the fraud and wanted to be honest with her employees. Bankman-Fried faces seven criminal counts, while Ellison and others have pleaded guilty and cooperated with prosecutors.</li><li>A cryptocurrency thief who stole $470 million during FTX&#39;s collapse is reportedly laundering around $20 million daily. Analysis by Elliptic suggests the thief has moved a portion of the stolen funds to a mixer service for laundering. This unusual activity contradicts typical crypto thieves&#39; strategies, and there are potential links to Russian cybercrime involvement. Sam Bankman-Fried, FTX&#39;s founder, is currently on trial, denying fraud charges.</li><li>Genesis Global Trading (GGC) will pay $175 million to FTX as part of a settlement approved by the United States Bankruptcy Court for the Southern District of New York. The legal dispute stems from FTX&#39;s downfall in November 2022, affecting Genesis due to their financial ties, leading to a bankruptcy filing in January 2023. The settlement is considered &#34;fair and equitable&#34; by Genesis, but FTX&#39;s creditors are contesting it. FTX founder Sam Bankman Fried is currently on trial facing serious accusations.</li><li>Mastercard conducted a successful trial with the Reserve Bank of Australia, showcasing the integration of a central bank digital currency (CBDC) within the Ethereum blockchain, using its Multi Token Network. The collaboration explores linking digital currencies with NFTs to enhance transparency. Mastercard has also ended its alliance with Binance, affecting crypto card programs in several countries due to regulatory issues.</li></ul>

24 Crypto Update,12 Oct: Crypto market slips due to September CPI data

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