Why Bitcoin, Ethereum, and Dogecoin Are Struggling Today

Today, investors appear intent on discerning whether last week's bounce in the crypto market was a sustainable bottoming process, or simply a bear market bounce. Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE), three of the largest cryptocurrencies by market capitalization, are all down today. As of 12:20 p.m. ET, these three tokens saw declines of 2.8%, 3.1%, and 3.4%, respectively.

These moves come on a variety of different catalysts today.

Ethereum has perhaps the most bearish catalyst to note, as reports that XCarnival, an Ethereum lending protocol, was hit with a $3.8 million hack, driving continued concerns around the security of top blockchain ecosystems. The XCarnival team has reportedly recovered 50% of its exploited assets, though the team was forced to suspend its smart contract as a result of this hack.

Source Fool.com