Cardano (ADA), Other Altcoins Plummet, Why Is Crypto Crashing Today
The crypto market continues to struggle and is crashing as the global macroeconomic situation remains poor. Bitcoin prices continue to be struck in the $19K range. It fell by over 1% in the last 24 hours and is currently trading at $19119.
However, the altcoin market is suffering far worse from the bearish sentiments. Ethereum fell close to 2% in the last 24 hours and is trading at $1289. XRP broke its bullish movement in the past weeks and lost close to 7% in the last 24 hours. It went down by 1.5% in the previous 24 hours and is trading at $0.4429.
Cardano is also one of the losers in the crypto market in the last 24 hours. Cardano fell close to 3% in the last 24 hours and is still showing bearish tendencies. ADA is currently trading at $0.4203.
Why Is Crypto Crashing Today
The global macroeconomic condition is putting pressure on the crypto market. The Federal Reserve continues to take a hawkish stance to curb inflation levels. The Personal Consumption Expenditure for the month of August showed an acceleration in the inflation levels of the US.
The core PCE, which excludes food and energy prices, rose by 0.6%. The PCE is one of the most important gauges for inflation levels in the US. Experts believe that the Federal Reserve prefers it over the Consumer Price Index. The latest CPI also showed that the Fed is unable to curb inflation levels.
Oil prices are also adding pressure to the global economy. The Organization of the Petroleum Exporting Countries has decided to cut production to raise prices. As a result, oil prices have jumped. If this continues, inflation will continue to increase.
Key Events To Watch
The Federal Reserve will make its next decision on interest rates in November. However, speech from Federal Reserve officials can impact the crypto market. Similarly, key data points may also create disturbance in the global economy.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.