Cryptocurrency Price Today 8 Oct: Altcoins Tank As Inflation Soars
Cryptocurrency Price Today 8th Oct:—- The crypto market is down once again as the macroeconomic outlook keeps getting worse. Bitcoin fell below the $20k mark once again and is currently trading at $19,481. It fell close to 2.42% in the last 24 hours.
Altcoins continue to face the major brunt of the sluggishness in the crypto market. Ethereum fell by 2.62% in the last 24 hours and is currently trading at $1327.
Binance Coin or BNB was one of the biggest losers of the crypto market. After facing a major hack with an attempted steal of $600 million, BNB fell by 1.42% in the last 24 hours. It is currently trading at $281.32.
Solana and DOGE both fell close to 2% in the last 24 hours and are trading at $32.91 and $ 0.6236 respectively.
Algorand suffered a major blow as well and fell by over 2% on the last day.
Why Is Cryptocurrency Price Down Today
The market eyes the unemployment data due today with great interest. It can give a possible indication of the future policy guidance of the Fed.
The crypto market is struggling due to the aggressive stance of the Federal Reserve. Despite the continuing threat of a recession, the Fed appears to be in lockstep in their quantitative tightening.
The unemployment data is threatening to further bolster the Fed’s hawkish stance. It highlights that the economy and the labor market are too strong for the Fed to pivot to monetary easing.
The decision from the Organization of Petroleum Exporting Countries to cut oil supply to raise prices will not help matters. However, President Biden claims that his administration is looking into other options to counter OPEC’s move.
Minnesota Fed President Neel Kashkari claims that the current economic condition may look a lot like stagflation but is only a transitionary period. However, in a bizarre statement, he claims that there is no evidence that inflation has peaked.
Key Events To Watch
As back-to-back data highlights high inflation, the Fed will eye the CPI data next week before making a decision on the next interest rate hike on the 1st of November.
- Ethereum and BMNR Rallies as BitMine Drops $1B on ETH, Analyst Hails “Most Bullish Setup Yet”
- ASTER Deposits Flows Into Binance Wallets Following CZ Endorsement, Listing Incoming?
- Avalanche Treasury Seals $675M Deal With Mountain Lake to Build $1B AVAX Vehicle
- Just In: Nasdaq-Listed VivoPower Raises $19M in Equity to Expand XRP Treasury Holdings
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
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.
