The cryptocurrency market is now in a very unstable phase. The market has been experiencing difficulties as a result of reports indicating that the US Federal Reserve may proceed with another 75 basis point interest rate hike. Extreme volatility has persisted in the price of Cardano (ADA). Today, Cardano is trading at Rs. 28.64, up nearly 2% over the previous 24 hours. However, it has lost 0.60% over the past hour and 5.6% over the past week.
The cost of Shiba Inus is also still declining. It is currently trading at Rs. 0.00082 after falling 0.28% over the past 24 hours.
The price of bitcoin is still sluggishly hovering around $18,000–$19,000. It is currently trading at Rs. 1581650 after rising by 0.32% yesterday. Experts worry that Bitcoin could experience another 50% drop like it did in November 2018.
Ethereum is still trading below $1.3k. ETH is currently trading at Rs. 1,06,973 after declining 0.24% in the previous hour. Due to a significant victory in its legal battle with the SEC, the price of XRP increased by more than 2% in the past day.
One of the biggest gains in the cryptocurrency market during the past day is Avalanche. It is now trading at Rs. 1286 after rising by more than 3% yesterday.
What Is Driving the Price of Cardano Today?
The fluctuation of the crypto price is being driven by the macroeconomic forecast. As the US Federal Reserve adopts a more hawkish stance today, the Cardano price has been incredibly volatile. The Fed is tightening its policies as inflation levels keep rising. A further 75 bps hike is now predicted by the CME Fed Watch program to occur 95% of the time.
However, Fed policymakers are being more cautious about doing too much as the global economy deteriorates. Officials from the Fed are likely to talk about pausing the rate hikes and possibly changing course. Recession fears will also worry the Fed.
The market is also being harmed by the political and economic crises in the UK and China.
