Why Cryptocurrencies Like Chainlink, Crypto.com Coin, XRP, and Algorand Are Plummeting Today
The cryptocurrency market is getting crushed in today's trading. Chainlink (CRYPTO: LINK), Crypto.com Coin (CRYPTO: CRO), Ripple's (CRYPTO: XRP) XRP token, and Algorand (CRYPTO: ALGO) were down 14.6%, 16.6%, 13.2%, and 13.9%, respectively, over the previous 24-hour period as of 5:30 p.m. ET on Friday. Meanwhile, Bitcoin had fallen 11.2% and Ethereum's ether token was down 15.5%, and the big sell-offs have quickly shaved more than $200 billion in value off the total combined cryptocurrency market.
Russia's central bank shared a paper Thursday outlining a proposed ban on all cryptocurrencies, and the unfavorable news arrived at a time when the market was already moving out of risky bets. With macroeconomic headwinds including rising interest rates and Treasury bond yields creating a more challenging backdrop for the crypto market, investors were already on edge, and it also looks like disappointing performance from companies including Peloton and Netflix is factoring into the recent sell-off.
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Source Fool.com
