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.