finbold.com
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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 $2.868 trillion at the time of reporting, according to data Finbold analyzed from CoinGecko.
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The cryptocurrency plunge on Wednesday saw Bitcoin ($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.
Meanwhile, Ethereum (ETH), XRP, and Solana (SOL), had depreciated by 3.17%, 2.99%, and 2.77%, respectively.
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.
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.
Furthermore, US CPI inflation has now been above the Fed’s 2% target for 67 consecutive months.
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.
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
