As the digital assets and currency sector continue to remain volatile, it its believed that this is largely due to the impact of the inflation witnessed by the US. “The cryptocurrency market will remain volatile and will continue to fluctuate due to the US inflation which advanced to a 40-year high in September. Inflation is at its lowest level in seven months and its rate is still strong and is at a 40-year high, nevertheless,” Gaurav Mehta, CEO, Catax, a crypto and blockchain audit platform, told FE Blockchain.
However, at the time of writing this news on October 14, 2022, Bitcoin was down 1.07%, trading at $19,649.00. This cryptocurrency now has a $363.73 billion market cap. The cryptocurrency’s weekly fall is about six percent as a result of the most recent Bitcoin selloff. According to Raj Kapoor, founder and CEO, India Blockchain Alliance, cryptocurrency value fell precipitously throughout 2022 due to scams such as Ponzi schemes, and extreme market instability.
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