Bitcoin Price Today Oct 19: Why Is Crypto Crashing Today
Bitcoin Price Today Oct 19 Latest Updates: Bitcoin price falls today as the market correction erases most of the gains from yesterday’s rally. BTC fell close to 1.12% in the last 24 hours and is currently trading at $19,314. Bitcoin is still +1.32% in the last 7 days, barely holding on to the gains from yesterday’s rally. The entire crypto market is crashing today.
The crypto market depends upon macroeconomic factors for its price movement either way. Ethereum fell by over 2% in the last 24 hours and is extremely close to falling below the $1.3K mark. It is currently trading at $1304.
XRP is one of the biggest losers of the crypto market as it falls close to 3% yesterday. It is currently priced at $0.4604. XRP has fallen by 5% in the last 7 days. Cardano, which fell by 2.68%, and Solana, which fell by 3.2%, also faced the brunt of the crypto market. Cardano is currently trading at $0.3588 while Solana is trading at $29.96.
Tron managed to stay green despite the crypto crash. It is trading at $0.06257 after increasing by 0.41% in the last 24 hours. Shiba Inu, Avalanche, and Ethereum Classic all fell by 2.4% in the last hours.
On the other hand, Chainlink, NEAR, and Algorand all fell by over 3% on the last day.
Why Is Crypto Crashing Today
The crypto market is facing a long winter due to the negative pressure of macroeconomic factors. Recent inflation data highlights the Fed’s losing battle against inflation. The Consumer Price Index revealed worse-than-expected inflation, which the Producer Price Index also confirmed. The Fed will almost certainly increase the interest rates by another 75 bps, something they have done last four times in a row.
Therefore, experts believe that any crypto rally will be short-lived. The CME Fed Watch Tool currently shows a 95 % chance of a 75 bps hike.
When Will Bitcoin Price Rally
The Bitcoin Price is down today as the macroeconomic factors remain unfavorable. However, experts believe that a crypto rally may take a while. Bank of America expects an equity rally in early 2023 while crypto and market expert Florian Grummes expects a crypto bull market may take another year.
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