Why Litecoin, Shiba Inu, and Polygon Are Falling Today
Cryptocurrencies struggled again today as Bitcoin breached a key support level and investors continued to digest the pause of Bitcoin (CRYPTO: BTC) withdrawals on Binance as well as macroeconomic and regulatory concerns.
Since late afternoon yesterday, the price of Litecoin (CRYPTO: LTC) is trading 11.3% lower as of 11:34 a.m. ET today. Meanwhile, the price of the meme token Shiba Inu (CRYPTO: SHIB) is trading 10.7% lower and the price of Polygon (CRYPTO: MATIC) is down 11.5%.
On Sunday, Binance, the largest crypto exchange in the world, twice paused Bitcoin withdrawals due to heavy congestion on the exchange's network. The renewed popularity of meme tokens has been leading to huge increases in transaction prices on blockchain networks, which has affected fees on Binance as well. These concerns pushed the price of Bitcoin, which affects the entire crypto market, below a key threshold.
Source Fool.com
