Crypto Markets, Apart From Dogecoin, Join U.S. Stock Sell-Off as Yellen Warns on Rates
Bitcoin suffered its biggest loss in two weeks and ether snapped a nine-day winning streak amid what appeared to be a broad sell-off Tuesday in cryptocurrency markets.
Prices for most of the biggest digital assets appeared to turn down right around the time U.S. stock markets opened in the red. The Standard & Poor’s 500 Index fell by the most since March, led by tech companies including Apple, Tesla and Amazon.
According to Bloomberg News, traditional markets came under pressure as U.S. Treasury Secretary Janet Yellen said interest rates might have to rise to keep the economy from overheating – a move that could dampen traders’ willingness to take extra risk.
Bitcoin (BTC), the largest cryptocurrency by market value, was changing hands at press time just below $54,000, down about 6% since 0:00 coordinated universal time.
Ether (ETH), the second largest, hit an all-time high price above $3,500 early Tuesday before reversing, and later was off 5.4% to $3,242.
Dogecoin (DOGE), the joke cryptocurrency that has surged in price this year to become the fourth-biggest digital asset by market capitalization, was one of just a few lone gainers amid the wipeout. As of press time, DOGE was changing hands at 55 cents, up 32% over the past 24 hours.