Along with the other top ten cryptocurrencies by market capitalization, Bitcoin and Ether also declined. The world’s largest cryptocurrency, which has been fluctuating around for much of the past month, barely managed to hold at the US$19,000 support level.
According to data from CoinMarketCap, Bitcoin dropped 1.6% in the last day to trade at US$19,141 and Ether dropped 2.4% to US$1,291.
In the top ten of CoinMarketCap, XRP suffered the worst losses, plunging 6.9%. Despite this decline, the price of XRP has increased 7.3% over the past seven days due to a number of favorable developments for Ripple Labs Inc., the company whose payment network is powered by XRP, in its continuing legal battle with the SEC.
Dogecoin, the most popular memecoin, plummeted 4.3% to US$0.059, Cardano declined 5% to US$0.40, and Solana dropped 2.8% to US$31.97.
U.S. stocks also ended Monday at a lower price. The S&P 500 Index dropped 0.8%, the Nasdaq Composite Index lost 1%, and the Dow Jones Industrial Average decreased by 0.3%.
Bitcoin Market And Federal Reserve’s Policy
The NABE October 2022 Outlook Survey was produced by 45 economists, and more than three-quarters of them think there is less than a 50% probability that the Federal Reserve’s effort to fight inflation by raising interest rates will result in a “soft landing” for the American economy.
In a report released on Monday by the National Association for Business Economics, it was also discovered that more than half of the panelists believed that excessive Fed monetary tightening posed the biggest risk to the economy’s future.
The Fed remains steadfast in sticking with its plan to raise interest rates until inflation, which was running at 8.3% for the 12 months ending in August, drops to the desired level of 2%. According to Fed Chair Jerome Powell, this can be accomplished while ensuring a “soft landing” for the economy, which prevents it from going into recession.
