In light of Bitcoin’s decline, the cryptocurrency market is experiencing difficulties. The price of bitcoin has decreased by approximately 3.13% during the last 24 hours, and it is now trading at $19,198.
Altcoins are suffering from extreme market volatility, which causes Ethereum to do little better than Bitcoin. The price of Ethereum is currently $1299, below the $1.3K barrier.
— Wicked Smart Bitcoin ∞/21M (@w_s_bitcoin) October 14, 2022
As cryptocurrency prices decline, a severe selloff is also occurring in the rest of the altcoins market. A total of over 2% of Binance coin’s value was lost, and it is now trading at $270.39. XRP’s value declined by nearly 3%, currently trading at $0.4878.
How are other cryptocurrencies performing?
Cardano’s price has been falling steadily, making it one of the most volatile cryptocurrencies. Today, ADA is trading at $0.3686, down by around 4.74% from the previous day. Almost 5.35% fell from the last day’s price, indicating the company is still experiencing problems. Presently, $30.13 is the price.
In addition to market instability, meme coins also face difficulties. The price of Shiba Inu and Dogecoin both declined by 3% on the day and are now trading at $0.05886 and $0.00001023, respectively.
There are difficulties in the cryptocurrency market due to price pressure from inflationary factors. While inflation figures were worse than expected, the stock market unexpectedly rallied, as well as the cryptocurrency market. Despite this, the crypto market stabilized over the course of the week.
Bitcoin Fear and Greed Index is 24. Fear
Current price: $19,102 pic.twitter.com/Da6XndATLC
— Bitcoin Fear and Greed Index (@BitcoinFear) October 15, 2022
According to the CME Fed Watch Tool, another 75 bps rise is 97% likely. To combat inflation, the interest rate will be increased for the fifth straight time by 75 basis points. The market has also been considered as well as the possibility of a 100 bps increase.