Crypto Price Today: San Francisco Fed Prez Says Time To Slow Rate Hikes

Crypto Price Today Oct 21 Latest Updates: The crypto market price is crashing hard today. Negative market sentiments erased any gains from yesterday’s mini-relief rally. Bitcoin prices fell by 0.5% in the last 24r hours and by over 3% in the last 7 days. It is currently trading at Rs. 15,75,317. BTC is under immense pressure of falling below the $19K mark.

Ethereum fell below the $1.3K mark once again after falling by 0.4% in the last 24 hours and 3% in the last 7 days. It is currently trading at Rs. 1,06,476.

The altcoin market continues to bear the brunt of the negative pressure in the market. Cardano ($ADA) continues to showcase astounding volatility as it plummeted more than 4% in the last 24 hours. This brings Cardano’s losses to 11% for the last 7 days. It is currently trading at Rs. 28.04.

Solana is also exhibiting the same volatility as Cardano. It is currently trading at Rs. 2318 after falling over 4% in the last 24 hours.

Despite major mainstream adoption, Polygon is also facing the brunt of the economic outlook. $MATIC fell 3.65% in the last 24 hours which erased all of its gains from a previous surprisingly strong rally. It is currently trading at Rs. 67.29.

Uniswap was the biggest loser in the crypto market. It fell by over 6% yesterday and is trading at Rs. 500.

Why Is Crypto Price Crashing Today

The crypto market faces the major brunt of global economic uncertainties. Treasury yields skyrocketed as the Federal Reserve continues to remain hawkish. The stock market also plummeted over the uncertainty surrounding China. The S&P 500 has fallen by 0.8% while the NASDAQ 100 has fallen by 0.5%. The crypto market is strongly correlated with the stock market and especially the tech-oriented NASDAQ.

The pound remains unstable as the UK macroeconomic crisis continues. UK PM Liz Truss resigned and the conservative party is still finding its new leader. Sharp volatility is expected around that news.

Key Events To Watch

The crypto investors will wait for the Fed interest rate decision on the 2nd of November before investing in the market. It will have a significant effect on the market.

Source : Coingape

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