Why Bitcoin, Ethereum, and Polygon All Dropped Today

Volatility in the crypto market has continued to take bearish form today. Leading cryptocurrencies Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Polygon (CRYPTO: MATIC) all saw significant drops in early trading today. As of 1:30 p.m. ET, Bitcoin and Ethereum both traded slightly more than 4% lower, with Polygon down around 8.5% over the past 24 hours.

It appears much of this move is a continuation of what we've seen this week in terms of price action across most major cryptocurrencies. Among the most prominent bearish catalysts is the move earlier this week from Chinese regulators to clamp down harder on Bitcoin mining. As a cryptocurrency that's often used as a benchmark for the valuations of the sector, this Bitcoin-related news had ripple effects for most large-cap crypto tokens.

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Source Fool.com