Crypto Price Today October 16 Latest Updates: The crypto market is struggling due to the downward pressure on crypto prices. Bitcoin prices are extremely sluggish as the market awaits further policy guidance from the Fed. It is currently down nearly 2% in the last 7 days. However, BTC showed no significant movement in the past 24 hours. It is currently trading at $19,137.
Similarly, Ethereum is down more than 3% in the past 7 days. However, ETH is up 0.1% in the past 24 hours. While Ethereum is not showing significant volatility, it is still below $1.3K and is trading at $1283.
Polkadot ($DOT) was one of the crypto market’s biggest winners in the last 24 hours. $DOT is currently up 1.5% in the last 24 hours and is trading at $6.15. Polkadot’s rise is impressive given the unfavorable macroeconomic condition in the market.
Tron ($TRX) was one of the crypto market’s biggest losers. It is down 1.5% in the last 24 hours and is trading at $0.06142.
Meme Coin Shiba Inu was another impressive performer in the last 24 hours. It is currently up 1.5% in the last 24 hours. Chainlink ($LINK) and Algorand (ALGO) are up more than 1.5% in the last 24 hours and are trading at $7.04 and $0.3227 respectively.
Why the crypto price is slow today?
The crypto market is under tremendous pressure from the Federal Reserve. Recent inflation data highlights the Fed’s lost battle against inflation and will almost certainly lead to a mega hike. The Fed is engaged in quantitative tightening and rate hikes to curb inflation, which has led to massive sell-offs in the crypto market.
St. Louis Fed President says another 75bp gain is likely. The market had also priced in a larger 100bp gain, as recent CPI data points to worse-than-expected inflation.
Key events to watch
The crypto market will be watching the November 2 FOMC meeting, which will decide its fate. Experts are also looking at the movement of a rising dollar as threats to global economic stability mount.
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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