Crypto Price Today Oct 16 Latest Updates: The crypto market is struggling because of the downward stress on crypto costs. Bitcoin costs are extraordinarily sluggish because the market is ready for additional coverage steerage from the Fed. It is at the moment down near 2% within the final 7 days. However, BTC didn’t present any vital motion within the final 24 hours. It is at the moment buying and selling at $19,137.
Similarly, Ethereum is down over 3% within the final 7 days. However, ETH is up 0.1% within the final 24 hours. While Ethereum shouldn’t be displaying any vital volatility, it’s nonetheless below the $1.3K mark and is buying and selling at $1283.
Polkadot ($DOT) was one of many largest winners of the crypto market within the final 24 hours. $DOT is at the moment up 1.5% within the final 24 hours and is buying and selling at $6.15. Polkadot’s surge is spectacular contemplating the unfavorable macroeconomic situation out there.
Tron ($TRX) was one of many largest losers of the crypto market. It has fallen 1.5% within the final 24 hours and is buying and selling at $0.06142.
Meme coin Shiba Inu was one other spectacular performer within the final 24 hours. It is at the moment up 1.5% within the final 24 hours. Chainlink ($LINK) and Algorand (ALGO) hassle surged over 1.5% within the final 24 hours and are buying and selling at $7.04 and $0.3227 respectively.
Why The Crypto Price Is Sluggish Today
The crypto market is underneath large stress from the Federal Reserve. Recent inflation knowledge highlights the Fed’s shedding battle in opposition to inflation and can nearly definitely immediate a mega hike. The Fed is participating in quantitative tightening and rate of interest hikes to curb inflation, which has led to large selloffs within the crypto market.
St. Louis Fed President states that one other 75 bps hike is probably going. The market additionally priced in a bigger 100 bps hike because the current CPI knowledge highlights worse-than-expected inflation.
Key Events To Watch
The crypto market will eye the November 2 FOMC meeting, which can determine its destiny. Experts are additionally eyeing the motion of a surging greenback as threats to world financial stability are rising.
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