CPI Fears Erase Altcoin Rally
Cryptocurrency Price Today Oct 10 Latest Updates: This morning, the crypto market showed relative strength before returning to its sluggish ways. Bitcoin climbed over the $19.5 mark before dropping to $19,348. BTC fell close to 1% in the last 24 hours. Ethereum fell close to 1% in the last 24 hours as well and is currently trading at 1314.
Binance Coin and Cardano both fell by over 1% and are trading at $275 and $0.418.
Meme coins also reflected the bearish sentiment of the crypto market. Dogecoin, or $DOGE, fell by 1.64% and is currently trading at $0.06098. Meanwhile, Shiba Inu slid close to 2% and is currently at $0.00001088.
Ethereum Classic (ETC) was the biggest loser in the crypto market. It crashed by over 3% and is trading at $26. On the other hand, XRP was one of the biggest winners as it managed to stay green. It is currently trading at $0.5202.
Why Is Crypto Price Down Today
The Federal Reserve’s monetary policy is still guiding the crypto market. Key fed officials continue to take an extremely aggressive tone in regard to future policy guidance. The global markets are fearful of the hawkish stance of the central banks.
The Federal Open Market Committee will also release its minutes for the September meeting. The minutes will hold key evidence of the Fed’s future course of action. Lael Brainard and Charles Evans, two key members of the Federal Reserve will also speak out about their future actions.
What Is Driving Crypto Prices
The crypto market is still strongly correlated with the general broader market. It is especially correlated with the tech-oriented NASDAQ 100. S&P 500 fell by 2.80% in the last 24 hours. Similarly, NASDAQ 100 fell close to 4% in the last 24 hours. Therefore, it is no surprise that the crypto market fell as well.
Many major corporations will also release their earnings report today. So the crypto market will be on the lookout for any major price movement.
The market will also eye how the central banks will respond to recession fears and the growing global economic instability.
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.