Why ChainLink, Polkadot, and XRP Are Getting Eaten by the Bears Today
Investors in cryptocurrencies and other risk assets are once again licking their wounds today. Specifically, those invested in top crypto projects ChainLink (CRYPTO: LINK), Polkadot (CRYPTO: DOT), and XRP (CRYPTO: XRP) have seen 24-hour declines of 7.9%, 7.2% and 5%, respectively.
It appears that once again, macro factors are dominating the headlines for both crypto and stocks. This week happens to host a highly anticipated FOMC decision. Expectations have now increased to factor in a potential 100-basis point (1%) hike, though most expect the Fed to continue hiking at a 75 bps pace.
Higher bond yields have flowed through to valuations across all risk assets, with most major markets seeing declines this morning. Investors banking on the next monetary policy-fueled bull market may have to wait longer, suggesting more near-term downside could be on the horizon for more aggressive investors.
Source Fool.com
