Crypto market remains steady as Bitcoin gains, Giottus launches zero-fee crypto trading

Crypto market overview: As the upcoming Federal Reserve meeting and the release of the US jobs report draw near, a sense of optimism prevails in broader markets, including the crypto. Investors are widely expecting the Federal Reserve to maintain the current interest rate.

The global cryptocurrency market capitalisation has surpassed $1.3 trillion, marking a 1.1 per cent increase compared to the previous day. Furthermore, the cryptocurrency fear and greed index, though experiencing a slight 4-point drop, remains firmly within the "greed" territory, currently standing at 68 out of 100.

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While talking to Republic, Parth Chaturvedi, Investments Lead, CoinSwitch Ventures said, “The top 20 cryptos by market cap were trading in the green. BTC continues to trade over $34,000 with investors expecting resistance at $38,000. Also, looking at institutional inflow as per data by CCData, bitcoin-based products increased their market share to 73.3 per cent in September, with assets under management (AUM) rising 11.1 per cent to $23.2 billion.”

CoinDCX Research Team also shared their views on the crypto market movement with Republic. CoinDCX said, “It's worth noting that this week carries significant weight for the crypto market due to various macro events, including the US FOMC meeting, the monthly announcement of the US unemployment rate, US job openings, and the US non-farm Employment Change. These events have the potential to introduce volatility to the crypto market.”

Rajagopal Menon, Vice President, WazirX highlighted the significance of the Fed meeting for the crypto market. Menon said, “The market is looking forward to the Fed meeting this week which will clarify many aspects of the future of the economy, such as interest rates. This might have a chance of impacting Bitcoin’s price even as the price rally is driving optimism at its peak.”

“ETF applicants in the form of institutional investors are adding fuel to the bullish momentum in the market,” Menon added. 

Sudeep Saxena, Co-Founder, CoinGabbar, said, “Over the past weeks, the Bitcoin market has shown a consolidation pattern, with prices ranging from $34,000 to $35,000. Attention is now fixed on Jerome Powell's speech during the upcoming FOMC meeting scheduled for October 31 and November 1, 2023, as it's expected to have a minor impact on cryptocurrency values. The main focus is on Powell's evaluation of the U.S. economic outlook.” 

Giottus announces zero-fee crypto trading 

Giottus, a leading crypto exchange in India, has announced zero-fee crypto trades for all customers starting today. All trades in 200+ crypto-INR pairs on the platform will carry zero fees – a first for the industry in India.

Trading costs and deductions often add up and eat into margins, especially in a bear market. This step from Giottus will improve liquidity on trading pairs and might add to the overall crypto investments in the country. 

Vikram Subburaj, Giottus CEO, said, “We are a customer-centric organisation that believes in making crypto accessible to the masses. The zero-fee move was an easy but necessary decision, given the extended bear market we have witnessed in the past two years. We hope our customers love this and make the best use of our crypto investment suite including Staking, Fixed Rewards, SIPs, and Baskets.”