The crypto market is in an extremely volatile stage. With reports highlighting that the US Federal Reserve will move forward with another 75 bps interest rate hike, the crypto market has been struggling. The Cardano (ADA) price has continued to show extreme volatility. The Cardano price today is trading at Rs. 28.64 after increasing close to 2% in the last 24 hours. However, it has fallen 0.60% in the last hour, bringing its losses for the week to 5.6%.
The Shiba Inu price also continues to trade in the red. It has fallen 0.28% in the last 24 hours and is trading at Rs. 0.00082.
The Bitcoin price continues to remain sluggish in the $18K-$19K range. It has increased 0.32% in the last day and is trading at Rs. 1581650. However, experts fear that Bitcoin can repeat the November 2018 50% crash.
Ethereum continues to be under the $1.3k mark. After falling 0.24% in the last hour, ETH is currently trading at Rs. 1,06,973. XRP surged by over 2% in the last 24 hours on the back of a big win in its case vs the SEC.
Avalanche is one of the biggest winners in the crypto market in the last 24 hours. It surged by over 3% yesterday and is trading at Rs. 1286.
The macroeconomic outlook is driving the crypto price movement. The Cardano price today continues to remain extremely volatile as the US Federal Reserve turns increasingly hawkish. Inflation levels continue to soar and the Fed is becoming increasingly restrictive. The CME Fed Watch tool currently shows a 95% likelihood of another 75 bps hike.
However, as the global economy weakens, Fed officials are becoming more careful of doing too much. Fed officials are likely to discuss a pause in the hikes and maybe even a pivot. The threat of recession will worry the Fed too.
The politico-economic crisis in the UK and the dire economy in China are also hurting the market.
The Federal Open Market Committee will meet on the 2nd of November. The Fed will announce its decision at the end of the meet.
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