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Crypto Price Today Oct 14: Bitcoin, Ethereum, Uniswap Gains In Correlation To Stocks

Crypto Price Today Oct 14: The crypto market continues a market-wide recovery on Friday in correlation to the U.S. stock market.
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Crypto Price Today Oct 14: Bitcoin, Ethereum, Uniswap Gains In Correlation To Stocks

Crypto Price Today Oct 14 Latest Updates: The crypto market continues a market-wide recovery on Friday, with crypto prices including Bitcoin and Ethereum rising almost 4%. The crypto market rebounds in correlation to the U.S. stock market, with S&P 500, Dow Jones, and Nasdaq rising over 2.50%.

Bitcoin price continues its Thursday recovery after the CPI release, soaring almost 4% in the last 24 hours. While BTC still struggles to surpass the $20k level, the 24-hour low and high are $18,319 and $19,835, respectively.

The largest altcoin Ethereum rose nearly 4% to hit a high of $1,335. The ETH price is currently trading at $1,328 and the trading volume is 129%.

Among altcoins, Uniswap (UNI) rose over 12% as Uniswap Labs raises $165 million at $1.66 billion in valuation. Also, Quant (QNT) and Lido DAO (LDO) saw over 10% gains.

Meanwhile, XRP, Shiba Inu (SHIB), and Polygon (MATIC) are up over 5%. Cardano (ADA), Dogecoin (DOGE), Solana (SOL), and Avalanche (AVAX) soared nearly 3% in the last 24 hours.

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Why Crypto Price Rallied Today

Both stock and crypto markets tanked on Thursday after the U.S. reported higher-than-expected CPI for September. The crypto market saw a market-wide recovery as the U.S. stock market rebounded higher. The recovery has continued today, October 14.

The crypto price today follows a 2% rebound in the global stock market as CPI data comes at 8.2%, below July’s 8.5% and August’s 8.3%. However, the core CPI has climbed to a 40-year high.

The U.S. Dollar Index (DXY) drops from 113.66 to 112.14 after the September CPI data. Influencing some gains across the crypto market.

The CME FedWatch Tool indicates a 98.2% probability of a 75 bps rate hike at the next FOMC meeting on November 2. It has increased significantly from 84.5% on October 12. Also, the probability of a 50 bps rate hike is 0% now.

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What to Expect Today

While macroeconomic factors still haunt Bitcoin and Ethereum prices, social dominance is still at lower levels. Bitcoin price has also become less volatile than stocks. An increase in social dominance will gradually bring a market rally.

Moreover, bulls are still weak until Bitcoin price breaks above the psychological $20k level. It will be interesting to see if the crypto prices can hold up this rebound to confirm an upcoming rally.

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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