During the Asian session, the Bitcoin price is trading near $20,480, struggling below the 61.8% Fibonacci retracement level of $21,000. Similarly, Ethereum has plunged over 2% to $1,579.

Early on October 31, major cryptocurrencies were trading in the red. However, the global crypto market cap is still above $1 trillion, with a trading volume of $72 billion, down from $91 billion.

This week, investors' major focus will stay on the US Federal Reserve monetary policy, which is coming out on November 3.

The top performers in the last 24 hours were Chiliz (CHZ), Algorand (ALGO), and The Sandbox (SAND).

The price of CHZ has increased by more than 15% to $0.2298, while the price of The Sandbox (SAND) has increased by nearly 10% to $0.89.

At the same time, ALGO has increased by more than 7% to $0.36.

Shiba Inu (SHIB) fell more than 7% this week to $0.000012, while Lido DAO (LDO) fell more than 8% to around $1.5.

Johns Hopkins University professor of applied economics Steve Hanke predicts a "quite big recession" in 2023 due to the economy's current state of disarray, which is characterized by central bank interventions, supply chain problems, and soaring inflation.

On October 28th, in an interview, Hanke indicated that he now gives a 90% risk of a US recession, because he feels the money supply has tightened at an "unprecedented" rate.

Johns Hopkins University's applied economics professor continued:

We had the money supply being goosed in early 2020, when COVID hit, we had the money supply growing, on average, about three times faster than it should have been growing to hit a 2% inflation target. As a result, we had a lot of inflation.

A problem for the United States is its high rate of inflation. The price index for personal consumption