Crypto Price Today Oct 13 Latest Updates: Crypto Price Crashes As Data Points To Worse Than Expected Inflation. Bitcoin prices remain sluggish, falling just 0.12% in the past 24 hours. BTC is currently trading at $19,067. However, Bitcoin is sliding as it has fallen almost 7% in the past 7 days.
Ethereum is down close to 0.50% in the past 24 hours and is trading at $1284. Ethereum is still well below $1300 and well below pre-merge levels.
The rest of the altcoins market was hardest hit by market volatility. BNB fell more than 1% to trade at $269, while XRP fell 3.30% to trade at $0.4707.
Cardano was one of the biggest losers of the crypto market. ADA prices fell 5.14% in the past 24 hours and nearly 15% in the past 7 days. It is currently trading at $0.3718. Solana is down nearly 1.71% in the last 24 hours and is trading at $30.60.
Polygon continues its decline by dropping another 3% in the past 24 hours and 9% in the past 7 days. $MATIC is currently trading at $0.7623.
Meme coins also faced the full force of market volatility. Both Dogecoin and Shiba Inu are down nearly 3% in the past 24 hours.
Why has the crypto price fallen today?
The crypto market is currently dependent on macroeconomic conditions for its price movement. The Fed’s aggressive stance is hampering crypto asset growth. The Federal Reserve seems unanimous on its restrictive monetary policy. Yesterday’s Producer Price Index is sure to bolster that view.
PPI data released yesterday showed worse-than-expected inflation. The PPI came in at 8.5% YoY instead of the expected 8.4%. The Fed admitted that it will take much longer for inflation to weaken than usual.
The market was saved by the fact that core PPI, excluding food and energy prices, came in at 7.2%, down from the forecast of 7.3%.
Key events to watch
The Bureau of Labor Statistics today publishes the Consumer Price Index. The market expects a strong price movement after the CPI data.
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 likes 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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