Why Dogecoin Is Sinking Today
The cryptocurrency Dogecoin (CRYPTO: DOGE) is moving lower today, down 4.1% since yesterday at 4:00 p.m. ET. The drop comes as the S 500 and Nasdaq Composite both fell slightly.
The latest inflation data is making investors nervous that the Federal Reserve won't cut rates in September -- rate cuts are typically helpful for riskier assets like crypto -- leading to a rush of selling.
After setting a new all-time high late last week, Bitcoin and the rest of the crypto market have retreated. The release of the latest wholesale inflation data is making investors nervous that the Federal Reserve will choose not to cut rates, which many had expected in September. Crypto investors began selling, and in the last 24 hours alone, more than half a billion dollars worth of crypto was sold.
Source Fool.com
