The crypto sector is under a crisis, with the macroeconomic condition increasing the industry’s woes. With reports filtering in of the Federal Reserve all set to hike the interest rates by 75 bps, the crypto sector is taking the brunt of the bearish sentiments. However, the Cardano prices continue to show extreme volatility when the cryptocurrency market is tanking.
Cardano prices today when reports last came in was $0.3468, up by 2.0% in the last hour. Shiba Inu prices are fluctuating, and when reports last came in were changing hands at $0.00000999 and showed a modest 1.2% growth.
Bitcoin (BTC) values have remained lethargic in the $18K-$19K range, and when reports last came, they were changing hands at $19,142.12 and showed modest growth of 0.46%. Experts are apprehensive that BTC had a repeat in November 2018 when its values crashed by 50%.
Ethereum is still trailing under the $1.3k mark, and when reports last came in was trading at $1,297.99, up 0.76% in the past hour. The much-touted Merge did have the desired effect on ETH prices. XRP is in green territory courtesy of its big win against the SEC. Another altcoin that has endeared itself to the market is Avalanche which has surged and was trading at $15.62, up by 3.87%.
Cardano Price Today-Factors Which Affect The Values
The macroeconomic scenario drives the prices of cryptocurrencies and Cardano prices to remain volatile as the U.S. Fed continues with its hawkish sentiments. Inflation continues to defy strict measures taken by the Fed. The CME Fed Watch tool predicts a 95% likelihood of another 75 bps hike.
However, the Fed must also worry about the possibility of a recession. Its efforts to rein in inflation can send the economy into a recession, which no one wants to deal with. The political crisis in the U.K. and the ailing Chinese economy contribute to bearish sentiments in the market. All eyes are now on the crucial Federal Open Market Committee meeting on the 2nd of November.