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Crypto Price Today Oct 16 Latest Updates: The crypto market is struggling because of the downward strain on crypto costs. Bitcoin costs are extraordinarily sluggish because the market is ready for additional coverage steerage from the Fed. It is at the moment down near 2% within the final 7 days. However, BTC didn’t present any vital motion within the final 24 hours. It is at the moment buying and selling at $19,137.

Similarly, Ethereum is down over 3% within the final 7 days. However, ETH is up 0.1% within the final 24 hours. While Ethereum shouldn’t be exhibiting any vital volatility, it’s nonetheless below the $1.3K mark and is buying and selling at $1283.

Polkadot ($DOT) was one of many greatest winners of the crypto market within the final 24 hours. $DOT is at the moment up 1.5% within the final 24 hours and is buying and selling at $6.15. Polkadot’s surge is spectacular contemplating the unfavorable macroeconomic situation out there.

Tron ($TRX) was one of many greatest losers of the crypto market. It has fallen 1.5% within the final 24 hours and is buying and selling at $0.06142.

Meme coin Shiba Inu was one other spectacular performer within the final 24 hours. It is at the moment up 1.5% within the final 24 hours. Chainlink ($LINK) and Algorand (ALGO) trouble surged over 1.5% within the final 24 hours and are buying and selling at $7.04 and $0.3227 respectively.

Why The Crypto Price Is Sluggish Today

The crypto market is underneath large strain from the Federal Reserve. Recent inflation knowledge highlights the Fed’s dropping battle towards inflation and can virtually definitely immediate a mega hike. The Fed is partaking in quantitative tightening and rate of interest hikes to curb inflation, which has led to huge selloffs within the crypto market.

St. Louis Fed President states that one other 75 bps hike is probably going. The market additionally priced in a bigger 100 bps hike because the current CPI knowledge highlights worse-than-expected inflation.

Key Events To Watch

The crypto market will eye the November 2 FOMC meeting, which is able to resolve its destiny. Experts are additionally eyeing the motion of a surging greenback as threats to international financial stability are rising.

Nidhish is a know-how fanatic, whose purpose is to seek out elegant technical options to resolve a few of society’s greatest points. He is a agency believer of decentralization and needs to work on the mainstream adoption of Blockchain. He can be massive into virtually each widespread sports activities and likes to converse on all kinds of matters.

The offered content material might embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty in your private monetary loss.