Why Binance Coin, Chainlink, and XRP Moved Lower Today

Today, the term "blood bath" would be an ample description of how the crypto market has moved. As of 2 p.m. ET, the crypto market as a whole has dropped 6.3%. This move has been shaped by very strong underperformance among a number of high-growth altcoins today.

Among the larger-cap tokens, we've seen relative outperformance (if one can call it that) today. Binance Coin (CRYPTO: BNB), the world's third-largest cryptocurrency, dropped 5.4% over the past 24 hours as of 2 p.m. ET. Over this same time frame, the eighth- and 17th-largest tokens, XRP (CRYPTO: XRP) and Chainlink (CRYPTO: LINK), sank 6.1% and 4.8%, respectively.

Stocks, bonds, and crypto markets all plunged today, following the release of minutes from the Federal Reserve meeting yesterday which signaled the need for rate hikes and balance sheet reductions that could come sooner than expected. Investors across all risk assets have been selling for much of the past 24 hours, as concerns that easy money policies will be done away with have many questioning the sustainability of capital flows into higher-risk assets.

Source Fool.com