Why Dogecoin, Shiba Inu, and Aptos Are Dropping Ahead of the Fed's Interest Rate Announcement
The Federal Reserve will announce its latest move on interest rates Wednesday afternoon, and the market is on edge as it awaits the news. That tension has put downward pressure on crypto prices for the time being, but the bigger news for token holders might be the layoffs taking place in the industry this week, which show just how weak the fundamentals are for some crypto companies.
Some of the biggest decliners on Wednesday were meme coins that had previously been having a great week. In the 24-hour period that ended at 10:20 a.m. ET, Dogecoin (CRYPTO: DOGE) fell 5.1% Shiba Inu (CRYPTO: SHIB) lost 6.3%, and Aptos (CRYPTO: APT) plunged by 7.9%.
The drop in crypto prices came quickly, beginning at about 4:30 a.m. ET, and was widespread across the asset class. One thing that may have prompted some selling is the Federal Open Market Committee (FOMC) meeting, which ends Wednesday. Investors are expecting the committee to announce another 75-basis-point increase to the benchmark federal funds rate.
Source Fool.com
