Why Many Altcoins Were Swooning This Week
Sooner or later, even the most beloved financial assets obey gravity no matter how high they've soared. This week we saw a decline in a clutch of very recently soaring altcoins, as a higher-than-expected inflation readout and profit-taking hit the cryptocurrency market.
Over the course of the five trading weekdays, according to data compiled by S&P Global Market Intelligence, as of late Friday afternoon both Fantom (CRYPTO: FTM) and Theta Network (CRYPTO: THETA) were trading down by nearly 6% week to date. Bittensor (CRYPTO:TAO) was faring worse, with a more than 8% slide over the period.
One big monster in the room over the past few days was inflation, which came in higher than many had anticipated -- this beast might take a while to tame, after all. On Wednesday, the government's Bureau of Labor Statistics reported that inflation in March had risen by 3.5% year over year, which was 0.3 percentage points higher than the February figure and notably above the estimates of many economists.
Source Fool.com
