News
oi-Kuntala Sarkar
Today, on October 8, Bitcoin again fell to around US$ 19,440, a day-low. The largest cryptocurrency was quoted at US$ 19,507.90, at the time of writing. Yesterday, Bitcoin closed at US$ 19,531.50. After the US Labour Department recently published its non-farm payroll data that showed a better-than-expected employment report in September, major commodities and volatile assets are falling in trade. In line with that, large cryptocurrencies such as Bitcoin and Ether are following the same trend.
Today, Ethereum was quoted at US$ 1,328.26, down by 0.21%. Yesterday, Ethereum closed at US$ 1,327.92. Litecoin was quoted at US$ 53.25, up by 0.74%, Dogecoin was quoted at US$ 0.0624 up by 0.16%, and Cardano was quoted at US$ 0.4256 up 0.44% today, till last traded.
Cryptocurrency is a volatile asset and investors with a high risk appetite generally prefer to invest in the asset. The volatility of cryptocurrency depends on multiple factors like interest rate hikes by the central banks, bond yield, inflation, recession, global economic and political uncertainties, commodity prices, etc. This year is a struggling period for the asset, as many central banks are hiking their interest rates to combat inflation. So, the assured income options are profitable while volatile assets like gold and commodity prices are dipping. In 2022, Bitcoin has fallen by around 60%, and investors are concerned.
Meanwhile, the US stock markets are remaining under the bear zone. S&P 500 was down by 2.80%, stood at 3,639.66 points, and Nasdaq Composite was down sharply by 3.80%, stood at 10,652.40, till last traded. However, the US Dollar index quoted at 112.75 today, gaining by 0.44%.
