Why Megacap Cryptocurrencies Bitcoin, Ethereum, and Binance Coin Are Plunging Today
The three top-ranked cryptocurrencies (excluding stablecoins) in terms of market capitalization are Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Binance Coin (CRYPTO: BNB). When these three tokens are on the move, particularly in the same direction, the entire market tends to follow. Today, they're all seeing double-digit declines over the past 24 hours, down 10.2%, 12.6%, and 10.1%, respectively, as of 11:30 a.m. ET.
The entire crypto market is under siege, mainly from macro drivers such as rising U.S. Treasury yields. Anticipation that additional interest rate hikes are on the horizon is driving down valuations across most risk assets. Recently, higher correlation between cryptocurrencies and high-growth tech stocks has resulted in a mass capital rotation out of these sectors.
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Source Fool.com
