Why Top Cryptocurrencies Bitcoin, Ethereum, and Dogecoin Are Slumping Today
Today's crypto sell-off has stymied much of the positive sentiment we've seen materialize in this sector in recent weeks. As of 12:30 p.m. ET, top cryptocurrencies Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) sunk 5.1%, 9.7%, and 6.8%, respectively, over the past 24 hours.
This sharp sentiment shift appears to be related to the dissipation of hype around Ethereum's upcoming merge, which drove a significant portion of this sector's gains in recent weeks.
This move in the crypto market has been mirrored by equity markets, which are also down substantially today as investors await the Federal Reserve decision on interest rate policy moving forward. This week, the Federal Open Market Committee is expected to announce a rate hike of 75 basis points (0.75%), in a move that will bring the overnight federal funds rate above 2% for the first time since the pre-pandemic era.
Source Fool.com
