Cryptocurrency Price Today Oct 11: Bitcoin, Ethereum Plummet
Cryptocurrency Price Today October 11 Latest Updates: The crypto market is in a major rut as sentiments are turning more negative. Bitcoin prices fell by 2% in the last 24 hours and by 3.25% in the last 7 days. BTC is currently trading at $19,051 and is dangerously close to falling below the $19K mark.
The largest altcoin also suffered a similar fate. Ethereum fell by 3.18% in the last few hours and close to 5% in the last 7 days. It is trading at $1280, well below the $1300 mark which it was holding on to.
The rest of the altcoins market is also facing the brunt of these bearish sentiments. Binance Coin or BNB fell by over 2% in the last 24 hours and is trading at $271. XRP, the winner of yesterday’s market, was likely the biggest loser today.
XRP fell by over 7% in the last few hours and is trading at $0.4905. Similarly, Cardano fell by 5.67 % and Solana fell by over 3%. They are trading at $0.3981 and $31.57 respectively.
The meme coins also saw a strong decline in their prices. Dogecoin is currently trading at $0.05927 after falling by 5% on the last day. Similarly, Shiba Inu saw a massive slide in its price. $SHIB fell by 6.32% in the last day and is trading at $0.00001029.
Why Cryptocurrency Price Is Down Today
The monetary policy of central banks is driving the stock market. The Federal Reserve’s quantitative tightening to curb inflation levels is creating bearish sentiment in the market. The crypto market is strongly correlated with the general broader market.
S&P 500 continued its slide to the bottom. After falling close to 3% yesterday, it fell by another 1% in the last 24 hours. Similarly, the tech-oriented NASDAQ 100 fell by another 1%.
The US dollar further strengthened its position after another strong rally yesterday.
Key Events To Watch
The crypto market is entirely dependent upon the macroeconomic environment. Therefore, the Consumer Price Index released this week will have a huge impact on any price movement. Similarly, the Producer Price Index will also be released this week.
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