Bitcoin, Ethereum recover ahead of Fed roundtable

Market Performance - Bitcoin (BTC) increased by 3% to $111,018, while Ethereum (ETH) rose by 2.9% to $4,035.85 [1] - XRP saw a 3.4% gain, trading at $2.46, and Solana (SOL) was up 1.7% at $192.17 [1] - Meme coins also gained, with Dogecoin (DOGE) up 3.6% and Shiba Inu (SHIB) up 2.1% [2] - The overall cryptocurrency market cap increased by 2.7% to $3.85 trillion [2] Market Sentiment - Optimism in the market is driven by an upcoming roundtable conference on payments innovation hosted by the Federal Reserve on October 21 [3] - The conference will feature discussions with industry leaders from Chainlink, Paxos, Circle, and Coinbase [3] - The Federal Reserve aims to modernize the U.S. payment system by considering a broad range of perspectives [3] Recent Events Impacting the Market - U.S. President Donald Trump indicated a softer stance on trade tariffs, stating that a 100% tariff on China was "not sustainable" [4] - Following Trump's initial announcement of a potential 100% tariff, the crypto market experienced a significant drop, with over $7.5 billion in leveraged positions liquidated within an hour [4] - Total liquidations exceeded $19 billion within 24 hours, affecting approximately 1.67 million traders [5] Trading Infrastructure - The sudden market downturn put pressure on trading platforms, with Binance reporting "system strain" and Coinbase experiencing latency issues [6] - Both platforms have since restored operations and confirmed that services are returning to normal [6]