Cardano (ADA), BTC, ETH, Other Altcoins Values Tank, Why Is Crypto Asset Crashing Today

The Bearish sentiments continue to reign supreme in the crypto sector as the macroeconomic situation fails to improve. The number one crypto-asset, Bitcoin, is still in the $19K range. When reports last came in, BTC was changing hands at $19,156.41. In the last 24 hours, it fell by -0.52%. It witnessed a 24 hrs low of $18,937.50 and a high of $19,333.59. Bitcoin Market Cap stood at $367.18B, and Bitcoin24H Volume stood at $518.98M.

The altcoin market is faring worse and bearish sentiments prevail over the crypto sector. The fate of the number two crypto asset, Ethereum, is no different. When reports last came in, Ethereum was changing hands at $1,296.38. In the last 24 hours, it fell by 0.22%. It witnessed a 24 hrs low of $1,271.15 and a high of $1,308.90. Ethereum Market Cap stood at $158,797,863,551and Ethereum 24H Volume stood at $8,522,822,922

The bullish trend in XRP in the past week stopped and tanked by 7% in the last 24 hours.Cardano’s fortunes were no better. It fell by almost 3% in the past day, and ADA is currently trading at $0.4203.

Why Is Crypto Asset Tanking Today

Several factors precipitate the current gloom in the crypto sector. The Fed Reserve is continuing with its hawkish policy and will increase the interest rates to curb the soaring inflation. The PCE, or the Personal Consumption Expenditure, which excludes food and energy price,s rose by 0.6%. It is an indicator that in August, inflation continued its upward surge. The PCVE is also linked to the CPI, which again reveals that harsh measures taken by the Fed Reserve, including the 75 bps interest hike, did not have much impact on the inflation levels.

The Oil prices are also adding to the economy’s woes, and OPEC’s decision to cut production will increase crude prices even further. The Federal Reserve will make its next decision on interest rates in November. Until then, the Crypto Asset will remain on tenterhooks.