Why Bitcoin, Ethereum, and Dogecoin Are Down Today
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After a decent rally in recent months, the crypto market is coming off a tough weekend as macro concerns continue to spark fear in the broader market.
Over the last 24 hours, the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), traded more than 4% lower as of 11:05 a.m. ET. The price of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH), traded nearly 6.6% lower, and the price of Dogecoin (CRYPTO: DOGE) traded nearly 10% down. Dogecoin is also dealing with the evolving situation regarding Tesla founder Elon Musk and his position at Twitter.
Bond yields continued to rise this morning as investors mulled the macro outlook, which is being impacted by several factors including rising inflation, Russia's ongoing invasion of Ukraine, and the Federal Reserve's monetary plans. The yield on the closely watched U.S. 10-year Treasury bill rose to around 2.75%. We now know the Fed is planning to raise its benchmark overnight lending rate, the federal funds rate, numerous times this year and also begin shrinking its massive balance sheet by as much as $95 billion per month later this year. The Fed may also raise the federal funds rate by a half a percentage point all at once this year, a deviation from its normal 0.25% rate hikes.
Source Fool.com
