Crypto Price October 10, 2022 CPI Worries Erase Altcoin Gains

The crypto sector is experiencing a long bearish winter for some time now. In the early hours today, the crypto sector showed some positive movements but the Consumer Price Index which is due to be released is forcing investors to hold back, and once again the market is back to its sluggish ways.

The number one cryptocurrency Bitcoin(BTC) was showing good strength and breached the $19.5 mark before again going back $19,348. BTC tanked close to 1% in the last 24 hours. The number two cryptocurrency, Ethereum values also sank close to 1% in the last 24 hours as well and is currently trading at $1,313.90.

Crypto Price of other altcoins like Binance Coin and Cardano also fell by 1% and when the last reports came in, were trading at $275.14 and $0.42 respectively.

The fate of the Meme coins was no different. Both the canine-based meme coins ended in the red. The Elon Musk favorite Dogecoin fell by 1.64% and when reports last came in was trading at $0.06098. Meanwhile, Shiba Inu slid close to 2% and is currently at $0.00001088.

Today’s biggest loser was Ethereum Classic (ETC) which tanked by a massive over 3% and is trading at $26.The only player which has remained unscathed in the Crypto Price mayhem is XRP which remained in the green and managed to hold on to its Crypto Price and is currently trading at $0.5202.

Why Is Crypto Price Tanking Today

The Crypto Sector is in a state of limbo and waiting for the unveiling of the Federal Reserve’s monetary policy. Fed officials have continued their hawkish tone and the global markets are fearfully waiting for the hike in interest rates. Industry pundits are fearful that the hawkish stance by the Fed Chair could lead to a bout of recession which is the least the world wants after its recovery from the COVID-19 pandemic.