December 6, 2022

Crypto Prices Today: Solana And Cardano Slumps

Crypto Price Today Oct 20 Latest Updates: The crypto market is facing a major selloff due to hawkish macroeconomic conditions. Bitcoin fell by 0.8% in the last 24 hours and is trading at $19,140.60. 

Bitcoin has erased all the gains from the surprise post-CPI rally. However, the altcoins market is facing the major brunt of the crypto winter. Cardano (ADA) is one of the biggest losers of the crypto market.

It fell by 3% yesterday and is trading at $0.35. Cardano has fallen close to 9% in the last 24 hours. It continues to be one of the most volatile cryptocurrencies in the market.

Ethereum has gone down 2% in the last 24 hours and is finally below the $1.3K mark. It is currently trading at $1,292. Ethereum’s poor performance is visible all across the altcoins market.

Solana showed an even poorer performance as compared to Cardano. $SOL fell by 5% in the last 24 hours and is trading at $28.64.

The Shiba Inu price also plummeted due to the crypto crash. $SHIB fell by 3% in this crash and is currently trading at $0.98.

Why Crypto Market Price Is Down Today

The crypto market continues to struggle due to the macroeconomic factors at play. Key officials of the US Federal Reserve, delivered important speeches yesterday. The officials reaffirmed the importance of curbing inflation rates in the economy, no matter what the cost. 

Charles Evans, the CEO and President of the Chicago Fed made a statement. He stated that interest rates still need to go up considerably to curb inflation levels.

He believes that the target interest rates will have to climb quite higher. It will have to climb to anywhere between 4.5% to 4.75% in the next year to curb inflation.

Similarly, James Bullard, the President of the St. Louis Fed, brushed aside concerns of negative productivity in the economy. He states that inflation needs to be nipped in the bud.

Will Cardano (ADA) Bounce Back To Crypto Greatness?

The economic outlook is impacting the entire crypto market. However, few currencies have been as volatile as Cardano. It has fallen close to 8% in the last 7 days. As competition increases between the altcoins, $ADA investors will hope for a show of strength from Cardano.

Dogecoin Reacting To Tesla Earnings Great sign For the crypto Industry?

Historically, the quarterly earnings results of Elon Musk’s Tesla have had a significant impact on Dogecoin (DOGE) price. The American automotive company is scheduled to report third quarter earnings after the bell on Wednesday. 

Furthermore, It is expected that the company would post rise in revenue compared to the last quarter. In this context, it will be interesting to track DOGE price movement after the earnings release. The memecoin had over the past week saw a dip in in its value.

DOGE As Payment Mode

Any mention of DOGE by Elon Musk had on most occasions resulted in Dogecoin price increase. Recently, Tesla CEO Elon Musk announced the acceptance of DOGE for The Boring Company’s Burnt Hair perfume. 

This led to an immediate DOGE price rise by around 3%. Earlier this year in May, Musk said select Tesla merchandise could be bought with Dogecoin (DOGE). The purchases can be made by integrating a Dogecoin wallet for transferring DOGE.

Meanwhile, even as efforts on Elon Musk takeover of Twitter happen in the background, the development led to a new debate. Reports suggested that Dogecoin (DOGE) could potentially become Twitter’s official native currency. After months of uncertainty, Musk could finally be closing the Twitter deal by the end of October.

Augustine Ojeh

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