In the past 24 hours, Ripple's XRP has broken from its strong surge and fallen close to 7%. Cardano and Solana, on the other hand, persisted in their descent. Cardano dropped by 6%, while Solana dropped about 4%. Chainlink is in trouble despite having solid fundamentals because of negative macroeconomic circumstances.
In the previous day, Ethereum plunged more than 3% while Bitcoin dropped by around 2%. At the time of writing, BTC is worth $19,107 and ETH is at $1,286. The market for crypto altcoins as a whole is, however, experiencing a severe slump.
In the past 24 hours, Ripple's XRP has broken from its strong surge and fallen close to 7%. Cardano and Solana, on the other hand, persisted in their descent. Cardano dropped by 6%, while Solana dropped about 4%. Chainlink is in trouble despite having solid fundamentals because of negative macroeconomic circumstances. It has dropped 4% more in the previous 24 hours to trade at $7.22.
The performance of Ethereum Classic has been among the worst in the cryptocurrency market. ETC was anticipated to gain significantly from the Ethereum merger. ETC, meanwhile, keeps disappointing its investors. In the past 24 hours, it lost another 11% and is currently trading at $24.
Why Is Crypto Today's Crashing?
The Federal Reserve's aggressive macroeconomic policies have made things difficult for the cryptocurrency sector. The Consumer Price Index, which will be issued on Thursday, is now being closely watched by the cryptocurrency market. The CPI is a reliable gauge of national inflation rates. The CPI data for last month was worse than anticipated. The outcome was a tremendous carnage on the cryptocurrency market.
In a similar vein, this month will also see the release of the Producer Price Index. Important Fed figures keep repeating how hawkish they are about inflation. The possibility of a 75 bps interest rate increase is currently displayed by the CME Fed Watch tool. The market may price in a massive increase of 100 basis points if the published CPI and PPI are worse than anticipated. This situation caused a further sell-off in the cryptocurrency market last month.
Will the Recession Be a Grace?
Officials from the Fed are still taking a hardline stance. However, worries about the instability of the world's financial system are growing. On Tuesday, the International Monetary Fund will publish its assessment on global financial stability. The Fed might change course in response to worries about an approaching recession.
