NewsletterCrypto Price Today Oct 13: Cardano (ADA), Altcoins Tank
Crypto Price Today Oct 13 Latest Updates: The crypto price is crashing as data highlights worse-than-expected inflation. Bitcoin prices remain sluggish and fell a mere 0.12% in the last 24 hours. BTC is currently trading at $19,067. However, Bitcoin is sliding as it fell close to 7% in the last 7 days.
Ethereum fell close to 0.50% in the last 24 hours and is trading at $1284. Ethereum is still way below the $1300 mark and much below the pre-merge levels.
The rest of the altcoins market faced the major brunt of the market volatility. BNB fell over 1% to trade at $269 while XRP fell by 3.30% to trade at $0.4707.
Cardano was one of the biggest losers of the crypto market. ADA prices fell by 5.14% in the last 24 hours and close to 15% in the last 7 days. It is currently trading at $0.3718. Solana fell close to 1.71% in the last 24 hours and is priced at $30.60.
Polygon continues its slide by falling another 3% in the last 24 hours and 9% in the last 7 days. $MATIC is currently trading at $0.7623.
Meme coins also faced the full force of market volatility. Both Dogecoin and Shiba Inu fell close to 3% in the last 24 hours.
Why Is Crypto Price Down Today
The crypto market is currently dependent on macroeconomic conditions for its price movement. The Fed’s hawkish stance is hampering the growth of any crypto asset. The Federal Reserve appears unanimous on its restrictive monetary policy. Yesterday’s Producer Price Index will definitely bolster that stance.
The PPI data released yesterday showed worse-than-expected inflation. The PPI came out to be at 8.5% YoY rather than the expected 8.4%. The Fed admitted that the inflation is taking much longer to soften than usual.
The market was saved by the fact that the core PPI, which excluded food and energy prices, came out at 7.2%, less than the forecasted 7.3%.
Key Events To Watch
The Bureau of Labor Statistics will release the Consumer Price Index today. The market expects a strong price movement after the CPI data.
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