Crypto Price Today Oct 16: Surprising Winners After Volatility
Crypto Price Today Oct 16 Latest Updates: The crypto market is struggling due to the downward pressure on crypto prices. Bitcoin prices are extremely sluggish as the market is waiting for further policy guidance from the Fed. It is currently down close to 2% in the last 7 days. However, BTC did not show any significant movement in the last 24 hours. It is currently trading at $19,137.
Similarly, Ethereum is down over 3% in the last 7 days. However, ETH is up 0.1% in the last 24 hours. While Ethereum is not showing any significant volatility, it is still below the $1.3K mark and is trading at $1283.
Polkadot ($DOT) was one of the biggest winners of the crypto market in the last 24 hours. $DOT is currently up 1.5% in the last 24 hours and is trading at $6.15. Polkadot’s surge is impressive considering the unfavorable macroeconomic condition in the market.
Tron ($TRX) was one of the biggest losers of the crypto market. It has fallen 1.5% in the last 24 hours and is trading at $0.06142.
Meme coin Shiba Inu was another impressive performer in the last 24 hours. It is currently up 1.5% in the last 24 hours. Chainlink ($LINK) and Algorand (ALGO) bother surged over 1.5% in the last 24 hours and are trading at $7.04 and $0.3227 respectively.
Why The Crypto Price Is Sluggish Today
The crypto market is under tremendous pressure from the Federal Reserve. Recent inflation data highlights the Fed’s losing battle against inflation and will almost certainly prompt a mega hike. The Fed is engaging in quantitative tightening and interest rate hikes to curb inflation, which has led to massive selloffs in the crypto market.
St. Louis Fed President states that another 75 bps hike is likely. The market also priced in a larger 100 bps hike as the recent CPI data highlights worse-than-expected inflation.
Key Events To Watch
The crypto market will eye the November 2 FOMC meeting, which will decide its fate. Experts are also eyeing the movement of a surging dollar as threats to global economic stability are rising.
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
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