Why Bitcoin, Dogecoin, and Shiba Inu Are Falling Today
A number of cryptocurrencies fell today for no obvious reason. But bond yields ticked higher, and investors digested several key events from last week that could impact monetary policy, and that might be having an effect.
Over the last 24 hours, the price of the world's largest cryptocurrency, Bitcoin (CRYPTO: BTC), traded roughly 2.3% lower as of 2:23 p.m. ET today. The price of the meme tokens Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) traded roughly 4.3% and 4.7% lower, respectively.
Bitcoin and the rest of the crypto market have not fared well this year in the face of rapidly rising interest rates, which have led the market to shun riskier assets and rush to safer ones. Today, bond yields continued to tick higher, which for most of the year has usually coincided with stocks and cryptocurrencies declining.
Source Fool.com
