Why Altcoins Had a Rough Week
Cryptocurrencies had a tough week as the conflict in the Middle East intensified and traders began to doubt the number of interest rates baked into the forward curve. The price of Bitcoin, viewed as a bellwether for the industry, had fallen 8.6% as of mid-day Thursday.
The price of meme token Shiba Inu (CRYPTO: SHIB) crashed nearly 24%. Meanwhile, the price of XRP (CRYPTO: XRP) fell nearly 13%, and Solana (CRYPTO: SOL) was down close to 16%.
Crypto tokens responded poorly to escalating tensions in the Middle East this week, with Iran launching 200 ballistic missiles into Israel in response to the country's limited ground invasion of Lebanon against the militant-backed group Hezbollah. Israel vowed to respond to Iran's attack. As of late morning Thursday, Israel had launched air strikes in Southern Beirut, targeting Hezbollah's intelligence headquarters.
Source Fool.com
