Volatile Crypto Values Concerning: Might Erase Altcoin Rally
CoinEdition
Published Oct 10, 2022 12:47PM ET
Updated Oct 10, 2022 01:00PM ET
Volatile Crypto Values Concerning: Might Erase Altcoin Rally
- Bitcoin dropped to $19,348 after passing the $19.5K mark.
- Ethereum, trading at $1317, dropped by 0.23% over the past 24 hours.
- Central banks’ pessimistic outlook ignites fear in the world markets.
After passing the $19.5 level, Bitcoin fell to $19,348. The price of Ethereum, which is presently trading at $1317, decreased by 0.23% in the previous 24 hours.
Binance Coin and Cardano decreased by more than 1% and are now trading at $1 and $0.418, respectively. Ripple, Stellar Lumens, and NEO are among the top ten cryptocurrencies that have lost value in the past 24 hours.
Even meme coins reflected the crypto market’s gloomy sentiment. Dogecoin, or $DOGE, decreased by 1.73% and is now worth $0.06091. Shiba Inu, meanwhile, fell by about 1.72% and is currently trading at $0.00001086.
The cryptocurrency market’s greatest loser was Ethereum Classic (ETC). It dropped more than 3.65% and is now trading for $26.07.
However, XRP was among the greatest beneficiaries because it maintained a favorable price. The price is present at $0.5192.
The crypto market is still being controlled by Federal Reserve monetary policy. Top federal officials continue to speak fairly aggressively about future policy recommendations.
The bearish stance of the central banks has caused panic in the global markets.
The cryptocurrency market and the larger market continue to have a close correlation. It has a strong correlation with the tech-heavy NASDAQ 100.
The S&P 500 dropped 2.80% over the past day. The NASDAQ 100 had an almost 4% decline over the previous 24 hours. It is, therefore, not surprising that the cryptocurrency market also declined.
Today will also see the earnings reports from many large firms. The market will also be watching how the central banks react to concerns about a global recession and rising economic instability.
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