Why Chainlink, Polygon, and Monero Nosedived Today

As of 3:30 p.m. ET, top cryptocurrencies Chainlink (CRYPTO: LINK), Polygon (CRYPTO: MATIC) and Monero (CRYPTO: XMR) found themselves in the crypto doghouse. These tokens have dropped 6%, 5.1%, and 7.6% over the past 24 hours, respectively.

The top crypto projects each saw declines that were more than double the overall market, which dropped 2.3% over the past 24 hours, at 3:30 p.m. ET. Today, investors are pricing in amplified risk among high-growth stocks and digital tokens, amid a rising interest rate environment.

The yield on the U.S. 10-year Treasury rose above 1.87%, signaling the highest level since the onset of the pandemic. Additionally, the spread on five-year and 30-year U.S. Treasury bonds narrowed to its lowest level since the onset of the pandemic, another bearish signal for the market.

Source Fool.com