{"id":31882,"date":"2022-10-13T10:23:58","date_gmt":"2022-10-13T10:23:58","guid":{"rendered":"https:\/\/egrowonline.com\/?p=31882"},"modified":"2022-10-13T10:23:58","modified_gmt":"2022-10-13T10:23:58","slug":"cardano-leads-crypto-fall-ahead-of-us-inflation-data","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=31882","title":{"rendered":"Cardano leads crypto fall ahead of US inflation data"},"content":{"rendered":"


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The price of Cardano (ADA) has fallen almost 9% in the past 24 hours. Photo illustration: Rafael Henrique\/SOPA\/LightRocket\/Getty<\/figcaption><\/p>\n<\/figure>\n

Cardano leads the pack of falling blue chip cryptocurrencies as investors turn cautious ahead of Thursday’s release of the latest inflation data from the US.<\/p>\n

The crypto market turned into a sea of red this morning amid speculation that core inflation data in the US may have increased.<\/p>\n

Check: <\/strong>Crypto live prices<\/strong><\/a><\/p>\n

Cardano (ADA-USD<\/a>), which is number 8 in the cryptocurrency market cap rankings, has fallen almost 9% in the past 24 hours. The proof-of-stake blockchain platform is now priced at $0.36, down over 15% in the last seven days.<\/p>\n

Dogecoin (DOGE-USD<\/a>) is not far behind, having started the day in freefall, down almost 5% to $0.057, a drop of over 10% in the last week.<\/p>\n

Market front runners such as bitcoin (BTC-USD<\/a>) and ethereum (ETH-USD<\/a>) fared a little better, with bitcoin holding its ground at $19,000, down 0.5% in the past day. Ethereum saw a fall of 1.4% in the past 24 hours to $1,277.<\/p>\n

Watch: The Crypto Mile – Cardano’s Charles Hoskinson plans to ‘radically’ transform government services<\/strong><\/p>\n

The US Federal Reserve is expected to stick with its hawkish interest rate hikes, leading to more retreats away from high-risk assets such as bitcoin and the rest of the crypto offerings.<\/p>\n

The market pessimism was reinforced by the release of Federal Open Market Committee, FOMC, minutes that reveal the Federal Reserve is still committed to raising interest rates.<\/p>\n

Read more: <\/strong>Sterling to bitcoin buys skyrocket as pound falls<\/strong><\/a><\/p>\n

The meeting summary stated: “Inflation is showing little sign so far of abating and the Committee had raised their assessment of the path of the federal funds rate that would likely be needed to achieve the Committee\u2019s goals.\u201d<\/p>\n

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US Federal Reserve Board Chairman Jerome Powell: The US Federal Reserve is expected to stick with its hawkish interest rate hikes. Photo: Kevin Lamarque\/Reuters<\/figcaption><\/p>\n<\/figure>\n

\u201cParticipants judged that the Committee needed to move to, and then maintain, a more restrictive policy stance in order to meet the Committee\u2019s legislative mandate to promote maximum employment and price stability.”<\/p>\n

Signs of risk-off sentiment from investors were explicitly felt after US equity markets extended their declines at the close of trade on Wednesday.<\/p>\n