Crypto Price Today: Cardano (ADA), Solana, Shiba Inu Plummet

The cryptomarket is currently seeing a large selloff due to unfavorable macroeconomic conditions. In the last 24 hours, Bitcoin has dropped 0.8% and is now being traded at Rupees 15,86,409. All of the gains that were made from the post-CPI rally have been erased. However, altcoins are taking by far the largest hit out of all crypto currency during this “crypto winter.” Cardano (ADA) appears to be one of heaviest losers in market right now.

Cardano prices have been plummeting as of late, falling 3% yesterday and trading at a measly Rs. 28.98 today. In the past 24 hours alone, Cardano has lost close to 9% value and doesn’t seem to be slowing down anytime soon; it remains one of the most volatile cryptocurrencies in circulation.

Ethereum has decreased by 2% over the past day and is presently trading at Rs. 1,06,239. This recent poor performance is evident throughout the altcoins market.

In the last 24 hours, Solana fell 5% compared to Cardano, trading at Rs. 2371.

The Shiba Inu price also plummeted due to the crypto crash. $SHIB fell by 3% in this crash and is currently trading at Rs. 00081.

US Federal Reserve key officials gave speeches yesterday that reconfirmed the priority of curbing inflation rates, no matter what else happens in the economy. Charles Evans, CEO and President of the Chicago Fed said interest rates will still need to rise a lot to reach satisfactory inflation levels.

The target interest rates needing to raise next year in order to stop inflation, according to him, will be between 4.5% and 4.75%.

James Bullard, the President of the St. Louis Fed, People were worried about productivity in the economy being negative, but James brushed those concerns aside. He stated that inflation needs to be taken care of quickly.

The broad crypto market is seeing turbulence courtesy of the evolving economic outlook. Among altcoins, Cardano has been one of the most volatile, losing nearly 8% in value over the past week. With increasing competition amongst altcoins, investors in $ADA will be hoping to see some signs of strength from Cardano soon.

Crypto Exchanges – Next target for SEC?

Now while we wait for the next market crash to come we get to sit and speculate which cryptocurrencies the Securities and Exchange Commission or SEC will Target in the next two weeks as its fiscal year comes to an end and the regulator engages in more important actions to justify its budget.

SEC chairman Gary Gensler has made it clear on many occasions that the only cryptocurrency that’s safe from the regulator scrutiny is bitcoin’s BTC.

As far as Gary and the Gang are concerned almost every other cryptocurrency is a security and therefore requires strict regulation.

As we’ve seen with XRP any crypto that’s targeted by the SEC will be delisted from cryptocurrency exchanges in the United States and the company behind the crypto project along with its Founders will likely get hit with a large fine.

So far it seems the only thing that’s been protecting the crypto industry is the fact that there are too many coins and tokens for the SEC to regulate individually.

That’s why the SEC has apparently opted to go after crypto exchanges instead and we could see some serious enforcement actions there soon.

Even so the recent establishment of two dedicated crypto offices at the SEC along with the continued expansion of the regulator’s crypto-specific personnel suggests that we’re more than likely to see enforcement actions against individual crypto projects as well.

As it so happens the SEC’s number one crypto Target is stable coins which Gary somehow believes to be Securities even though there’s no expectation of profit to be had in an asset that maintains a stable value.

Unfortunately it doesn’t change the fact that the SEC is likely to go after stable coins at some point and this looks even more likely than ever.

Last week’s key crypto events

Last week the stock market shed over 1.2 trillion dollars after fed chairman Jerome Powell made it clear that the central bank would continue aggressively raising interest rates to fight inflation during his speech at the annual Jackson Hole symposium.

Those of you who watched Jerome’s speech will know that it was abnormally short with Jerome getting straight to the point and specifying that the fed is prepared to cause a quote prolonged period of below trend growth to fight inflation. What’s even more terrifying is that Jerome admitted that the fed has no control over the supply side factors that are causing inflation and will therefore have to do excessive damage to the demand side of the equation to bring it down by raising interest rates.

Bringing demand down to bring it in line with supply as Jerome repeatedly stated on Friday would basically require another 2008 style financial crisis hence why the admission is so disturbing. To make things worse there are fears that the fed’s monetary policy won’t be enough to stop the inflationary forces of the fiscal policies that continue to be passed in the United States such as the recent student loan forgiveness program which arguably announced to another round of stimulus. If that wasn’t bad enough the fed is scheduled to accelerate its quantitative tightening come September which is literally later this week.

For context the last time the fed started reducing its balance sheet the stock market crashed by 20 percent in the months that followed. It’s not unreasonable to expect a similar situation this time around especially since a 20 decline would be consistent with the roughly 40 drop the crypto market needs to see to reach its bear market lows at least according to our calculations. Now even though the crypto market is likely headed lower in the medium term it’s quite possible that it will still see another recovery in the short term.

I say this because the scary shakeout we saw over the weekend was mostly due to leveraged traders getting liquidated. Now as painful as this was it wiped the crypto market clean of most of the speculation that’s been accumulating over the last couple of weeks and provided a more stable base from which the crypto market could move higher in the short term.

Week’s top headlines in the crypto news

Here are this week’s top headlines in the crypto news.

Inflation expectations, the crypto market rallies on promising inflation statistics but comments by fed officials suggest it’s too soon to celebrate.

Ethereum advancements following another successful test. Net developers move up the date for the much anticipated merge. When could eth see the top of its current pop?

Tornado crash a privacy protocol on ethereum is sanctioned by the u. S department of the treasury causing d5 protocols to block associated wallets.

What does it mean for crypto? Blackrock is buying shortly after partnering with coinbase.

The world’s largest asset manager launches a private bitcoin product for its elite clients.

Why this is both bad and good news? cbdc’s coming to your country as citizens around the world lose confidence in their governments their central banks prepare to rush out their dystopian digital currencies.

What you’re about to read is educational content not financial advice.