Share this article
Crypto Markets, Apart From Dogecoin, Join US Stock Sell-Off as Yellen Warns on Rates
Cryptocurrencies fall along with other risky assets on hint of higher interest rates.
Updated Sep 14, 2021, 12:50 p.m. Published May 4, 2021, 4:49 p.m.
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.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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 damp 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. Later, it 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.
More For You
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
알아야 할 것:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
