Crypto Price Today October 11: Bitcoin, Ethereum Tumble Further
Crypto Price Today October 11 Latest Updates: The crypto market continues to struggle as the macroeconomic conditions remain hawkish. The Fed continues to take a restrictive monetary policy to curb inflation levels. As a result, the crypto market is crashing hard.
Bitcoin fell by 1.16% in the last 24 hours and by 0.25% in the last hour. It is currently trading at $19,068 and is in danger of falling below the $19K mark. Ethereum fell another 1.8% in the last 24 hours before rallying by 0.25% in the last hour. However, Ethereum is still trading well below the $1.3K mark at $1284.
The altcoins market continues to remain bearish despite a small rally in the last hour. XRP fell by 4.28% in the last 24 hours after a few days of a strong rally. It is currently trading at $0.4975. However, it has surged close to 1% in the last hour and may soon breach the $0.5 mark.
Cardano continues its slide by falling another 4% in the last 24 hours. Despite a rally of 0.5% in the last, it is still trading at $0.3991. Solana followed the pattern and fell by 3% in the past day. It is trading at $31.54.
Polygon is one of the biggest losers of the crypto market. It slid close to 5% in the last 24 hours and is priced at $0.7975.
Why Is Crypto Price Down Today
The crypto market continues to remain at the behest of the federal reserve. Meanwhile, the Fed is showing no intention of pivoting to a less restrictive stance. Loretta Mester, the President of the Cleveland Fed, stated that interest rates need to climb further to tackle inflation.
Despite growing recessionary fear, Mester believes that the biggest policy risk remains an early pivot by the Fed. It is a theme that has been reaffirmed by several key Fed officials. Neel Kashkari, the president of the Minnesota Fed, stated that the Fed is still in the early stages of its fight against inflation.
Key Events To Watch
The Consumer Price Index and Producer Price Index data to be revealed next week remain the most important events this week.
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