Why Ethereum, Dogecoin, and Shiba Inu Are Falling Today
Most cryptocurrencies fell along with stocks today after Federal Reserve Chairman Jerome Powell addressed the country in a widely anticipated speech from the Fed's Jackson Hole Economic Symposium.
Over the last 24 hours, the price of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH), traded roughly 6.2% lower at 12:18 p.m. ET today. The prices of the meme tokens Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) traded nearly 4% and 5.2% lower, respectively.
Investors had been awaiting Powell's speech all week because the market has been looking for more clarity regarding how the Fed will proceed with interest rate hikes, as well as how Powell is currently viewing the economy.
Source Fool.com
