Why Bitcoin, Riot Blockchain, and Coinbase Are Falling Today
Cryptocurrencies and crypto stocks sold off as investors digested recent policy moves by the Federal Reserve yesterday that are under intense scrutiny from the market right now.
Over the last 24 hours, the price of Bitcoin (CRYPTO: BTC), the world's largest cryptocurrency, had fallen nearly 8% as of 2:14 p.m. ET today. Meanwhile, shares of the Bitcoin miner Riot Blockchain (NASDAQ: RIOT) traded more than 12% down on the day, and shares of the large cryptocurrency exchange Coinbase Global (NASDAQ: COIN) had fallen roughly 11.5%.
Cryptocurrencies and crypto stocks are trading with volatility after the Federal Reserve yesterday raised its benchmark overnight lending rate, the federal funds rate, by a half point, the largest rate hike by the Fed in two decades.
Source Fool.com
