Why Bitcoin, Ethereum, and Dogecoin Are Sinking Today
Three of the most closely watched cryptocurrencies are once again moving lower in today's session despite broader moves higher in many stock indexes today. A range of headwinds has begun to build for top cryptos, with Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) sinking 1.8%, 2.6%, and 4.4%, respectively, over the past 24 hours as of 1 p.m. ET.
These moves coincide with a rather red liquidations heat map, painting a somewhat negative picture for traders who have moved into top cryptos in a leveraged way. Crypto is an asset class typically traded with leverage (and is more susceptible to wild, hype-driven swings). Accordingly, investors are clearly showing concern around heightened volatility in other areas of the market, with stocks seeing very high volatility (reflected in the CBOE Volatility Index, or VIX) that hasn't been seen in a very long time. Pricing this volatility into risk assets is becoming increasingly important for many investors in different asset classes.
Let's dive into what we can make out of today's move in these top tokens.
Source Fool.com
