Crypto Currency Price Today Oct 8:—- The crypto market is down again as the macroeconomic outlook continues to worsen. Bitcoin once again fell below the $20k mark and is currently trading at $19,481. It has fallen close to 2.42% in the last 24 hours.
Altcoins continue to experience the brunt of the sluggishness in the crypto market. Ethereum is down 2.62% in the last 24 hours and is currently trading at $1327.
Binance Coin or BNB was one of the biggest losers of the crypto market. After facing a major hack with an attempted theft of $600 million, BNB is down 1.42% in the last 24 hours. It is currently trading at $281.32.
Solana and DOGE are both down close to 2% in the past 24 hours, trading at $32.91 and $0.6236 respectively.
Algorand also took a big hit, falling more than 2% in the last day.
Why is the price of cryptocurrency lower today?
The market is watching the unemployment data due today with great interest. This may provide a possible indication of the Fed’s future policy guidance.
The crypto market is struggling due to the aggressive stance of the Federal Reserve. Despite the constant threat of a recession, the Fed appears to be in their quantitative tightening.
The unemployment data threatens to further strengthen the Fed’s hawkish stance. This highlights that the economy and labor market are too strong for the Fed to turn to monetary easing.
The decision by the Organization of the Petroleum Exporting Countries to cut oil supplies to raise prices will not help matters. However, President Biden claims his administration is exploring other options to counter OPEC’s move.
Minnesota Fed President Neel Kashkari claims that the current economic condition may look a lot like stagflation, but is only a transitional period. However, in a bizarre statement, he claims that there is no evidence that inflation has peaked.
Key events to watch
With back-to-back data highlighting high inflation, the Fed will watch CPI data next week before making a decision on the next rate hike on November 1.
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication holds any responsibility for your personal financial loss.
