Crypto Price Today: Cardano (ADA), Solana, Shiba Inu Plummet
Crypto Price Today Oct 20 Latest Updates: The crypto market is facing a major selloff due to hawkish macroeconomic conditions. Bitcoin fell by 0.8% in the last 24 hours and is trading at Rupees 15,86,409. BTC has erased all the gains from the surprise post-CPI rally. However, the altcoins market is facing the major brunt of the crypto winter. Cardano (ADA) is one of the biggest losers of the crypto market.
It fell by 3% yesterday and is trading at Rs. 28.98. Cardano has fallen close to 9% in the last 24 hours as it continues to be one of the most volatile cryptocurrencies in the market.
Ethereum has gone down 2% in the last 24 hours and is finally below the $1.3K mark. It is currently trading at Rs. 1,06,239. Ethereum’s poor performance is visible all across the altcoins market.
Solana showed an even poorer performance as compared to Cardano. $SOL fell by 5% in the last 24 hours and is trading at Rs. 2371.
The Shiba Inu price also plummeted due to the crypto crash. $SHIB fell by 3% in this crash and is currently trading at Rs. 00081.
Why Crypto Market Price Is Down Today
The crypto market continues to struggle due to the macroeconomic factors at play. Key officials of the US Federal Reserve, delivered important speeches yesterday. The officials reaffirmed the importance of curbing inflation rates in the economy, no matter what the cost. Charles Evans, the CEO and President of the Chicago Fed states that interest rates still need to go up considerably to curb inflation levels.
He believes that the target interest rates will have to climb to anywhere between 4.5% to 4.75% in the next year to curb inflation.
Similarly, James Bullard, the President of the St. Louis Fed, brushed aside the concerns of negative productivity in the economy. He states that inflation needs to be nipped in the bud.
Will Cardano (ADA) Bounce Back
The economic outlook is impacting the entire crypto market. However, few currencies have been as volatile as Cardano. It has fallen close to 8% in the last 7 days. As competition increases between the altcoins, $ADA investors will hope for a show of strength from Cardano.
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