Bitcoin has dropped to $19,000 as investors anticipate tighter Fed policy earlier in the week

Bitcoin has dropped to $19,000 as investors anticipate tighter Fed policy earlier in the week ...

The decline in the cryptocurrency market that began on Friday extended into trading on Monday despite a great weekend as investors await a collection of inflation reports due later in the week that might further entail discussions on the US Federal Reserve. Bitcoin is down by 2.21 percent, with its price now approaching the $19,000 mark across global currencies, with BTC valued at $20,209 (roughly Rs. 16.65 lakh) and 0.53 percent lower than the price set early Monday.

Bitcoin is quoted at $19,037 on global currencies like CoinMarketCap, Coinbase, and Binance, according to CoinGecko.

Ether, the largest smart contracts token, has also seen a decrease in value, lowering its value below the $1,350 (roughly Rs. 1.11 lakh) range that we''ve ever seen in recent weeks. Ether is currently down by roughly 3.62 percent in the last 24 hours, trading in the $1,270 (roughly Rs. 1.12 lakh) range across global markets. Meanwhile, ETH is valued at $1,369 (roughly Rs. 1.12 lakh) where values are down by 1.41 percent over the

The cryptocurrency price tracking tool for Gadgets 360 reveals that the majority of major altcoins bled alongside the top two tokens, with the global crypto market capitalization numbers also decreasing by 2.6 percent through Monday and early Tuesday.

At the time of writing, Cardano, Avalanche, Cosmos, Solana, Polygon, TRON, Chainlink, Monero, Uniswap, and BNB all see themselves in the red.

Memecoins Shiba Inu and Dogecoin haven''t been spared. Dogecoin is currently valued at $0.05 (roughly Rs. 4.86) after losing 5.08 percent in value over the last 24 hours, while Shiba Inu is valued at $0.00001 (roughly Rs. 0.000843), down 7.1 percent from the previous day.

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"Last week non-farm payroll data was released. The unemployment rate fell to 3.7 percent, compared to the predicted of 3.5 percent. This resulted in a significant drop in the stock market in 2022, according to CoinDCX''s Research Team.

"In the month of September, Bitcoin outperformed both the Nasdaq and S&P 500, which fell by 10.5 percent and 3.9 percent respectively, according to the Dow Jones index that tracks the 30 most powerful industrial stocks, indicating the asset''s maturing nature, especially in the trading session of October 7.

"There will be key macroeconomics events to follow this week: BOE (Bank of England) Governor Bailey''s remarks on October 12 and the release of CPI Inflation Data on October 13. For any significant activity, the crypto market capitalization will be $650 billion (roughly Rs. 70,02,582 crore) Currently, the $1 trillion (roughly Rs. 82,37,393 crore) market cap. Markets are in dire danger at the moment, and they will need some positive feedback to facilitate recovery

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