Why Chainlink, Cronos, and Theta Token Are Sinking Today
It's been another bearish day in the cryptocurrency markets, with the aggregate value of this asset class declining 3.7% over the past 24 hours, at 1:45 p.m. ET. However, investors are clearly putting more pressure on key tokens today, with Chainlink (CRYPTO: LINK), Cronos (CRYPTO: CRO), and Theta Token (CRYPTO: THETA) all seeing outsize moves to the downside. These tokens are currently down 4.7%, 5.3%, and 8.1%, respectively, over the same time frame.
What's interesting about this move in the crypto sector today is its divergent nature to what's being seen in the stock market. Tech stocks, which cryptocurrencies have become increasingly correlated to, are up significantly over the session, as lower interest rates drive demand for higher-risk assets.
Unfortunately for most cryptos, yesterday's very negative news surrounding the potential collapse of crypto bank Silvergate Capital has provided the latest contagion risk for this beaten-down sector that investors are clearly still pricing in.
Source Fool.com
