Crypto Price Today October 14 Latest Updates: The crypto market continues a market-wide recovery on Friday, with crypto prices including Bitcoin and Ethereum rising nearly 4%. The crypto market is recovering in correlation with the US stock market, with the S&P 500, Dow Jones and Nasdaq rising more than 2.50%.
Bitcoin price continues its recovery on Thursday after the CPI release, rising nearly 4% in the past 24 hours. While BTC is still struggling to surpass the $20,000 level, the 24-hour low and high are $18,319 and $19,835 respectively.
The largest altcoin Ethereum rose nearly 4%, reaching a high of $1,335. The ETH price is currently trading at $1,328 and the trading volume is 129%.
Among altcoins, Uniswap (UNI) rose more than 12% as Uniswap Labs raises $165 million against $1.66 billion in valuation. Quant (QNT) and Lido DAO (LDO) also saw more than 10% gains.
Meanwhile, XRP, Shiba Inu (SHIB) and Polygon (MATIC) are up more than 5%. Cardano (ADA), Dogecoin (DOGE), Solana (SOL) and Avalanche (AVAX) are up nearly 3% in the past 24 hours.
Why the crypto price rose today
Both stock and crypto markets collapsed on Thursday after the US reported a higher-than-expected September CPI. The crypto market saw a market-wide recovery as the US stock market recovered higher. The recovery continued today, October 14.
Today’s crypto price follows a 2% rebound in the global stock market as CPI data is at 8.2%, below July’s 8.5% and August’s 8.3%. However, the core CPI has risen to its highest point in 40 years.
The US Dollar Index (DXY) is down from 113.66 to 112.14 after September CPI data. Influencing some profits in the crypto market.
The CME FedWatch Tool indicates a 98.2% probability of a 75 bp rate hike at the next FOMC meeting on Nov. 2. It is up significantly from 84.5% on October 12. Also, the chance of a 50 bp rate hike is now 0%.
What to expect today?
While macroeconomic factors are still chasing Bitcoin and Ethereum prices, social dominance is still at a lower level. Bitcoin price has also become less volatile than stocks. An increase in social dominance will gradually lead to a market rally.
In addition, bulls are still weak until Bitcoin price breaks above the $20k psychological level. It will be interesting to see if crypto prices can hold back this rally to confirm an impending rally.
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a significant period of time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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