Crypto Price Today Oct 16 Latest Updates: The crypto market is struggling due to the downward pressure on crypto prices. Bitcoin prices are extremely sluggish as the market is waiting for further policy guidance from the Fed. It is currently down close to 2% in the last 7 days. However, BTC did not show any significant movement in the last 24 hours. It is currently trading at $19,137.
Similarly, Ethereum is down over 3% in the last 7 days. However, ETH is up 0.1% in the last 24 hours. While Ethereum is not showing any significant volatility, it is still below the $1.3K mark and is trading at $1283.
Polkadot ($DOT) was one of the biggest winners of the crypto market in the last 24 hours. $DOT is currently up 1.5% in the last 24 hours and is trading at $6.15. Polkadot’s surge is impressive considering the unfavorable macroeconomic condition in the market.
Tron ($TRX) was one of the biggest losers of the crypto market. It has fallen 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) bother surged over 1.5% in the last 24 hours and are trading at $7.04 and $0.3227 respectively.
Why The Crypto Price Is Sluggish Today
The crypto market is under tremendous pressure from the Federal Reserve. Recent inflation data highlights the Fed’s losing battle against inflation and will almost certainly prompt a mega hike. The Fed is engaging in quantitative tightening and interest rate hikes to curb inflation, which has led to massive selloffs in the crypto market.
St. Louis Fed President states that another 75 bps hike is likely. The market also priced in a larger 100 bps hike as the recent CPI data highlights worse-than-expected inflation.
Key Events To Watch
The crypto market will eye the November 2 FOMC meeting, which will decide its fate. Experts are also eyeing the movement of a surging dollar as threats to global economic stability are rising.
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.