Crypto Price Today October 20 Latest Updates: The crypto market is facing a major sell-off due to hawkish macroeconomic conditions. Bitcoin is down 0.8% in the past 24 hours and is trading at Rupees 15,86,409. BTC has wiped out all the gains from the surprising post-CPI rally. However, the altcoins market is facing the biggest dupe of the crypto winter. Cardano (ADA) is one of the biggest losers of the crypto market.
It dropped 3% yesterday and is trading at Rs. 28.98. Cardano is down nearly 9% in the last 24 hours as it remains one of the most volatile cryptocurrencies on the market.
Ethereum is down 2% in the last 24 hours and is finally below $1.3K. It is currently trading at Rs. 1.06.239. Ethereum’s poor performance is visible all over the altcoins market.
Solana performed even worse than Cardano. $SOL is down 5% in the past 24 hours and is trading at Rs. 2371.
The price of Shiba Inu also plummeted due to the crypto crash. $SHIB fell 3% during this crash and is currently trading at Rs. 00081.
Why the crypto market price is falling today
The crypto market continues to struggle due to the macroeconomic factors at play. Key officials of the US Federal Reserve delivered important speeches yesterday. The officials reaffirmed the importance of curbing inflation in the economy, regardless of the cost. Charles Evans, the CEO and president of the Chicago Fed, argues that interest rates still need to rise significantly to curb inflation.
He believes that target interest rates will need to rise between 4.5% and 4.75% in the coming year to curb inflation.
Similarly, James Bullard, the president of the St. Louis Fed, brushed aside concerns of negative productivity in the economy. He argues that inflation must be nipped in the bud.
Will Cardano (ADA) bounce back
The economic outlook affects the entire crypto market. However, few currencies are as volatile as Cardano. It is down nearly 8% in the past 7 days. As competition among the altcoins intensifies, $ADA investors are hoping for a show of strength from Cardano.
Nidhish is a technology enthusiast whose goal is to find elegant technical solutions to solve some of society’s biggest problems. He is a big proponent of decentralization and wants to work on the mainstream adoption of Blockchain. He also enjoys almost all popular sports and likes to talk about a wide variety of topics.
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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