The Current Value of Crypto Price Today Oct 10th 2022 Updates as of Late: The cryptocurrency market exhibited some relative momentum this morning before falling back to its usual slow pattern. Initial gains in Bitcoin’s price pushed it beyond $19.5, but subsequent losses sent the cryptocurrency back down to $19,348.
Recent Released: Crypto Price Today 8th Oct 2022 – Market Uncertain
In the past day, BTC has dropped by almost 1%. Ethereum’s price has dropped by about 1 percent in the last 24 hours, to $1,314.
Both Binance Coin and Cardano have lost over 1 percent of their value, trading at $275 and $0.418 respectively.
Bearish emotion in the cryptocurrency market was mirrored in meme currencies. The price of dogecoin ($DOGE) has dropped by 1.64%, to $0.06098, as of right now. Meanwhile, Shiba Inu dropped nearly 2% to $0.00001088.
The greatest cryptocurrency market decliner was Ethereum Classic (ETC). It lost more than 3% of its value and is now selling for $26. In contrast, XRP was one among the best performers, as its value remained in the positive territory throughout the day. Currently, it can be purchased for $0.5202.
The Daily Cryptocurrency Price Drop: Why?
The cryptocurrency market continues to follow the Federal Reserve’s monetary policy. In terms of future policy advice, key Fed officials have maintained an extraordinarily hawkish stance. Investors are nervous as central banks take a more hawkish posture.
The minutes from the Federal Open Market Committee’s September meeting will also be made public. To predict the Fed’s future actions, look no farther than the minutes. Important members of the Federal Reserve Board, including Lael Brainard and Charles Evans, will also be giving public statements on their plans moving forward.
Why Are Cryptocurrency Prices Rising?
There is still a robust relationship between the crypto market and the larger market as a whole. To a greater extent than most other indices, it tracks the performance of the technology-focused NASDAQ 100. The S&P 500 index has lost 2.8 percent in the last day. Comparatively, the NASDAQ 100 lost around 4% on the last trading day. That’s why it’s not shocking that the cryptocurrency market dropped too.
The quarterly earnings for a wide variety of significant firms are also due out today. The cryptocurrency market will be watching closely for any significant price changes.
How the central banks react to recession worries and rising global economic volatility will also be closely watched by the market.
Source: Google Trend