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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.
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
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.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
