NewsletterCrypto 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.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal 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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- BlackRock’s BUIDL Launches on BNB Chain as Binance Approves It for Collateral
- Fed’s Jeff Schmid Flags Inflation Risk as Hopes of December Rate Cut Fade
- Whales and Institutions Bet Big On Bitcoin And Ethereum Despite Market Dip
- Breaking: Michael Saylor Debunks Rumor of Strategy Selling Bitcoin Amid Crypto Market Crash
- Peter Brandt Warns Bitcoin Could Dip Below Strategy’s Average Purchase Price as MSTR’s mNAV Falls
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
- XRP, DOGE & ADA Price Outlook: How Low Can These Altcoins Drop Next?
- Ethereum Price Sheds 10% but Lands on the $3,150 Accumulation Base — Is a Buy-the-Dip Bounce Ahead?
- Is Shiba Inu Price Set for Recovery Amid Partnership with Unity Nodes to Expand SHIB Utility?
- Top 3 Reasons Pi Network Price May Surge Despite the Incoming Token Unlock
