Why Ethereum, Dogecoin, and Convex Finance Are Dropping Today
Today's price action in the overall cryptocurrency market is generally bearish. Ethereum (CRYPTO: ETH) and Dogecoin (CRYPTO: DOGE) have dropped 2.1% and 3.2%, respectively, over the past 24 hours as of 11 a.m. ET. These moves appear to be driven by the high-profile hack of Ethereum sidechain Ronin, a significant development in both the size and scale of this heist. Dogecoin is doing what it does best, providing a high-volatility vehicle for investors to trade short-term market movements.
Convex Finance (CRYPTO: CVX) has seen a larger drop of 4.4% over the same time frame, driven by what appears to be profit taking, following a rather dramatic rise over the past couple weeks. Convex Finance has seen its CVX tokens approximately double since mid-March on bullish expectations around this network's ability to boost staking returns on Curve Finance pools, as well as new incentives for veCRV holders.
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Source Fool.com
