The Decline of Bitcoin, Ethereum, Dogecoin, and Shiba Inu explained
Bitcoin, Ethereum, Dogecoin, and Shiba Inu are all trading lower due to Federal Reserve Chairman Powell’s statement that the Fed would increase the pace of rate hikes if necessary. Powell’s comments also caused the 2-year Treasury yield to hit its highest level since 2007. Cryptocurrencies have been seen as a speculative hedge against inflation, and the Fed’s plans to curb inflation could weigh on the crypto sector in the near future. As of Tuesday’s U.S. trading session, BTC is trading at $22,026, down 1.99%; ETH is trading at $1,545, down 1.94%; DOGE is trading at $0.073, down 2.96%; and SHIB is trading at $0.00001064, down 5.11%.
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