© Reuters Why Dogecoin Is Getting Hammered Once more Right this moment
Shares of a number of standard altcoins, together with (CRYPTO: DOGE), are buying and selling decrease once more Saturday afternoon in sympathy with apex cryptocurrency (CRYPTO: BTC) and second-largest market cap crypto (CRYPTO: ETH).
Crypto has traded decrease this week in tandem with main U.S. indices, that are additionally experiencing marked weak spot after the Federal Reserve Wednesday afternoon raised its goal fed funds fee by 75 foundation factors to a brand new vary of between 1.5% and 1.75%, its largest rate of interest hike in 28 years.
Fed Chair Jerome Powell Wednesday mentioned one other 0.75% fee hike is on the desk for the subsequent Fed assembly in July… Learn Extra
Cryptocurrencies have been seen by some traders as a speculative hedge towards inflation and the Fed’s plans to curb inflation may weigh on the broader cryptocurrency sector.
In accordance with knowledge from Benzinga Professional, Dogecoin is buying and selling decrease by 9.07% to $0.051 Saturday afternoon. Dogecoin can be decrease by 39.88% over the trailing month amid ongoing weak spot within the broader cryptocurrency market.
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