Why is the crypto market down today? By Cointelegraph

(BTC) price is struggling to hold onto a marginal 0.23% gain on Oct. 20, but generally crypto prices are falling across the board and the wider market remains in a sharp downtrend. Bitcoin price continues to trade under $20,000, a level which many investors believe is a psychologically significant support and resistance level.

Concern over the United States Federal Reserve’s “lack of progress” on tamping high inflation is the likely reason for the lengthy malaise seen in crypto prices. On Oct. 20, Philadelphia Federal Reserve President Patrick Harker suggested that higher interest rates have not been effective in curbing inflation, concluding that “we are going to keep raising rates for a while.”