Cryptocurrency Price Today October 15 Latest Updates: The cryptocurrency market is struggling heavily as Bitcoin price falls. BTC has fallen nearly 3.13% in the past 24 hours and is currently trading at $19,198. Ethereum does not outperform Bitcoin as market volatility weighs heavily on altcoins. Ethereum is dropping below $1.3K and is currently trading at $1299.
The rest of the altcoins market is also in a deep sell-off as the price of cryptocurrency falls. Binance coin is down nearly 2% in the past 24 hours and is trading at $270.39. XRP fell close to 3% and is currently priced at $0.4878.
Cardano remains one of the most volatile cryptocurrencies as its price continues to fall. ADA is down nearly 4.74% in the past 24 hours and is currently trading at $0.3686. Solana continues to struggle with a price drop of nearly 5.35% in the past day. It is currently trading at $30.13.
Meme coins also struggle with market volatility. Both Dogecoin and Shiba Inu are down 3% in the past day and are trading at $0.05886 and $0.00001023.
Why has the price of cryptocurrency fallen today?
The crypto market is struggling as inflationary forces continue to exert downward pressure on prices. The crypto market showed some strength as the stock market saw a surprising rally despite worse-than-expected inflation data. However, as the week progressed, the crypto market returned to normal.
The CPI index shows that the Federal Reserve is not winning the battle against inflation. It pointed to worse-than-expected inflation in the economy. The Producer Price Index reinforced the story. Bad inflation data has made another mega-raise by the Federal Reserve almost certain.
The CME Fed Watch Tool currently gives a 97% chance of another 75bp gain. This means it will be 5 consecutive 75 bps rate hikes to curb inflation. The market is also pricing in the probability of a 100 bps rise.
Key trends to watch
The crypto market will monitor recession data to ensure the Fed does not send the economy into recession. It will also follow the economic crisis in the UK with great interest as it could lead to global financial instability.
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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