Why Bitcoin, Ethereum, and Dogecoin Are Falling Today
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Many cryptocurrencies fell along with stocks today, as investors continued to weigh the macro outlook and how hawkish the Federal Reserve will continue to be this year and into 2023.
Over the past 24 hours, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), had fallen 0.7% as of 3:23 p.m. ET today. The price of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH), traded 1% lower, and the price of the meme token Dogecoin (CRYPTO: DOGE) was down 1.6%.
Markets have been struggling since Federal Reserve Chairman Jerome Powell took center stage on Friday at the Fed's annual Jackson Hole Economic Symposium and essentially told the market that the Fed had more work to do to rein in high levels of inflation. Investors took the information to mean that the Fed would continue to raise interest rates until it saw further evidence that inflation was on the decline.
Source Fool.com
