Cryptocurrency Price Today Oct 15: Bitcoin, Cardano Plummet
Cryptocurrency Price Today Oct 15 Latest Updates: The cryptocurrency market is struggling heavily as Bitcoin price tanks. BTC fell close to 3.13% in the last 24 hours and is currently trading at $19,198. Ethereum is performing no better than Bitcoin as market volatility is tanking altcoins heavily. Ethereum falls below the $1.3K mark and is currently trading at $1299.
The rest of the altcoins market is also in a deep selloff as cryptocurrency price falls. Binance coin falls close to 2% in the last 24 hours and is trading at $270.39. XRP fell close to 3% and is currently priced at $0.4878.
Cardano continues to be one of the most volatile cryptocurrencies as its price continues to tumble. ADA fell close to 4.74% in the last 24 hours and is currently trading at $0.3686. Solana continues to struggle as prices fell close to 5.35% in the past day. It is currently trading at $30.13.
Meme coins also struggle against market volatility. Both Dogecoin and Shiba Inu fell by 3% in the past day and are trading at $0.05886 and $0.00001023.
Why Is Cryptocurrency Price Down Today
The crypto market struggles as inflationary forces continue to put downward pressure on prices. The crypto market showed some strength as the stock market saw a surprise rally despite worse-than-expected inflation data. However, as the week progressed, the crypto market returned to normalcy.
The CPI index reveals that the Federal Reserve is not winning its fight against inflation. It highlighted worse-than-expected inflation levels in the economy. The Producer Price Index reinforced the narrative. Bad inflation data has made another mega hike by the Federal Reserve almost certain.
The CME Fed Watch Tool currently shows a 97% likelihood of another 75 bps hike. This will make it 5 consecutive 75 bps interest rate hikes to curb inflation levels. The market is also pricing in the likelihood of a 100 bps hike.
Key Trends To Watch
The crypto market will eye recession data to make sure that the Fed does not tip the economy into a recession. It will also watch the UK economic crisis with great interest as it can lead to global financial instability.
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