Why Altcoins Are Plummeting Today
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The cryptocurrency market is seeing a day of big sell-offs in Thursday's trading. Bitcoin's token price was down 4.8% over the previous 24 hours of trading as of 4 p.m. ET, and Ethereum's price was down 9.2% over the period. The valuation pullback has been even more pronounced in the altcoin space.
The popular meme token Shiba Inu (CRYPTO: SHIB) saw its price fall 11.5% over the last day of trading. Meanwhile, Cardano (CRYPTO: ADA) was also down 11.5% across the stretch, and Chainlink (CRYPTO: LINK) was down 13.2%.
Shiba Inu is losing ground amid a waves of sell-offs impacting the broader crypto market. Crypto prices are seeing a big pullback following news from the Federal Reserve yesterday that suggests a less bullish macroeconomic backdrop in 2025. With concerns that inflationary pressures could persist, it now looks like cuts for interest rates will arrive at a slower pace than previously anticipated.
Source Fool.com
