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Why Did Dogecoin Plummet Today?

TheMotleyFool

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Dogecoin (CRYPTO: DOGE) fell on Thursday, down 6.8% as of 5:09 p.m. ET, as measured from 4 p.m. on Wednesday. The move comes as the S 500 (SNPINDEX: ^GSPC) and the Nasdaq Composite (NASDAQINDEX: ^IXIC) both lost 0.5%.

The meme coin continues its week-long slide following Monday's cryptocurrency flash crash as investors await key economic data.

Cryptocurrencies across the board are in the red this week, following Monday's sharp drop driven by the unwinding of leveraged positions from traders who had bet on the Federal Reserve cutting rates more aggressively than it did. Many of these positions were forced to liquidate after the Fed opted for just a 0.25% cut and signaled it could be the only reduction this year.

Source Fool.com

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