Crypto market wipes out over $42 billion amid sticky U.S. inflation

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CryptoNewsNet2026/10/14 19:09

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Crypto market wipes out over $42 billion amid sticky U.S. inflation

finbold.com 14 m

Crypto market wipes out over $42 billion amid sticky U.S. inflation image 1

Amid the recent choppy consolidation for the broader cryptocurrency industry, after a strong rebound over the past three months, crypto market capitalization wiped out over $42 billion on October 14, 2026.

The total crypto market cap had fallen by more than $42 billion, or a decline of around 1.44%, down from $2.91 trillion to $2.868 trillion at the time of reporting, according to data Finbold analyzed from CoinGecko.

Crypto market wipes out over $42 billion amid sticky U.S. inflation image 2

Crypto market capitalization change for the past 24 hours. Source: CoinGecko

The cryptocurrency plunge on Wednesday saw Bitcoin ($BTC) lead the broader altcoins in correction. At the time of writing, $BTC traded at around $81,861, down 2% over the past 24 hours.

Crypto market wipes out over $42 billion amid sticky U.S. inflation image 3

Top crypto assets’ performance today. Source: CoinMarketCap

Meanwhile, Ethereum (ETH), XRP, and Solana (SOL), had depreciated by 3.17%, 2.99%, and 2.77%, respectively.

Crypto market bleeds due to sticky U.S. inflation

The broader crypto market’s devaluation was driven by the hotter-than-expected inflation data from the United States. Specifically, the Bureau of Labor Statistics noted that the underlying Consumer Price Index (CPI) was at 0.3%, while markets anticipated 0.2%, as per data from Forex Factory.

Crypto market wipes out over $42 billion amid sticky U.S. inflation image 4

U.S. CPI data for October. Source: ForexFactory

As a result, the odds of a 25 basis points (bps) increase in the Federal Reserve’s interest rate surged to 33%, as per metrics Finbold analyzed from Polymarket. Nonetheless, traders are still pricing the chances of no rate change at 68%, at the time of publication.

Crypto market wipes out over $42 billion amid sticky U.S. inflation image 5

Contract for the Fed’s decision in October. Source: Polymarket

Furthermore, US CPI inflation has now been above the Fed’s 2% target for 67 consecutive months.

What’s next for cryptocurrencies?

Even though the cryptocurrency market has continued to experience choppy consolidation over the past few weeks, institutional investors including Citigroup Inc. (NYSE: C) have signaled a bullish outlook.

Crypto market wipes out over $42 billion amid sticky U.S. inflation image 6

Bitcoin’s analyst consensus index. Source: CryptoQuant

Moreover, despite the crypto market falling today, 84% of 164 analysts are bullish on Bitcoin, up from 37% in July, based on updates from CryptoQuant.

Featured image via Shutterstock

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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After the CPI was released, the market-implied rate hike probability first rose to 50% before falling back to 40%. Wall Street generally believes that whether action will be taken in October still depends on how the Federal Reserve assesses inflation trends. "The New Fed News Agency" noted that, unlike in August when price increases were concentrated in certain items, the stronger-than-expected performance of September's core CPI was more broad-based, further reinforcing the case for a December rate hike. The speech by Waller on Friday morning Beijing time is his last public statement before the Fed's blackout period ahead of this month's meeting. Economists are warning about an "inflation spiral," with real purchasing power and midterm election pressures interweaving.

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