Even while there are discussions about a worldwide recession, Bitcoin prices are falling. It dipped 2% last week, though, and traded in a narrow band between $18,500 and $19,500. After the most recent data revealed that US inflation increased more than anticipated in September, Bitcoin saw a selloff to levels around $18,300.
US consumer prices rose more than anticipated in September, and underlying inflation pressures kept rising, supporting predictions that the Federal Reserve will raise interest rates by a fourth time by 75 basis points on November 2. In September, the consumer price index increased by 0.4% after increasing by 0.1% in August.
Approximately $900 billion is the current market cap for all cryptocurrencies. The short-term impact of the uncertain global economy may be a decline in market valuation. When compared to $61,527 on October 17, 2021, the price of one bitcoin has dropped dramatically, by nearly 68% year over year, to $19,244 on Monday (October 17).
The top five losers over the past week were: Ravencoin (RVN), which fell 13.4%; Near Protocol (NEAR), which dropped 15.4%; Ethereum Classic (ETC), which fell 14.8%; Internet Computer (ICP), which fell 14.3%; and Klaytn (KLAY), which fell 23.1%. Some cryptocurrencies, however, have increased in value during the past week. Huobi Token (HT) saw a notable increase of 72.52 percent, Terra Classic USD (USTC) increased by 41.7%, Quant (QNT) increased by 21.1%, Casper (CSPR) increased by 13.2 percent, and Ethereum Name Service (ENS) increased by 12.1 percent.