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Bitcoin Price Today October 12: BTC Struggles To Break Out

Bitcoin Price Today October 12: Bitcoin continues to exhibit sluggish movement as market uncertainty continues.

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Published 12 Oct, 2022 | 06:48:00 AM UTC

Bitcoin Price Today October 12: BTC Struggles To Break Out

Bitcoin Price Today October 12 Latest Updates: Bitcoin continues to showcase sluggish price movement as market uncertainty saps any enthusiasm. Bitcoin surged by 0.42% in the last 24 hours and 0.1% in the last hour. Despite the surge, Bitcoin is down over 5% in the last 7 days. It is still stuck in the $19K-$20K range and is currently trading at $19,100.

The altcoin market is also following in BTC’s footsteps. Despite a small rally, Ethereum is unable to break the $1,300 mark. It has surged close to 1.41% in the last 24 hours and is trading at $1292. While BTC & ETH were in the green, Cardano and Solana continue to remain in the red. Cardano fell by 0.92% in the last 24 hours and is trading at $0.3933. Meanwhile, Solana fell by 0.49% and is trading at $31.28.

Meme coins were the biggest winner of yesterday’s price movements. Dogecoin surged close to 2.5% in the last 24 hours and is priced at $0.06045. Meanwhile, Shiba Inu surged close to 0.83% and is trading at $0.0000103.

On the other hand, Uniswap was one of the biggest losers in the crypto market yesterday. It slid by over 3% in the past day and is trading at $6.12.

What Is Driving Bitcoin Price Today?

Market uncertainty continues to remain the biggest obstacle for Bitcoin. The hawkish stance of central banks is still dictating price movements. There is no indication that the Federal Reserve will pivot from its stance of quantitative tightening. Instead, Cleveland Fed President Loretta Mester stated yesterday that the biggest policy risk will be the Fed pivoting too quickly.

Despite the sluggish movement, BTC continues to garner support from notable people. Paul Tudor Jones, the billionaire trader, stated that Bitcoin will be at a much higher value in some time. Will Clemente, the co-founder of Reflexivity Research and major influencer, stated that Bitcoin is a debasement hedge and will grow in value as market instability rises.

Key Events To Watch

The US Bureau of Labor Statistics will release the Consumer Price Index for September tomorrow. It will be the most important event in deciding Bitcoin’s immediate future.

Nidhish Shanker

Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society's biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain.

Published by

Nidhish Shanker

Published 12 Oct, 2022 | 06:48:00 AM

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