Why Bitcoin, Ethereum, and Dogecoin Plunged This Morning
The crypto market was rocked early in the day on Friday with prices across the board crashing just after midnight ET. There wasn't a single big news item about cryptocurrency but rather a few things converging to cause the sell-off.
Bitcoin (CRYPTO: BTC) plunged 8.6% in the past 24 hours as of noon ET. In the same time frame, Ethereum (CRYPTO: ETH) was down 9.3%, and Dogecoin (CRYPTO: DOGE) fell 14.8%. Prices have stabilized in the past couple of hours, but there doesn't seem to be an imminent recovery.
The biggest news was a 37.2% increase in producer prices in Germany, largely due to a sharp increase in natural gas prices in the country. Energy prices overall have doubled in the past year, and Russia could cut off supply of natural gas ahead of the winter, which would likely lead to even higher prices.
Source Fool.com
