Why Solana, Terra, and Avalanche Cryptocurrencies Tanked Today

The Great Cryptocurrency Sell-Off continues.

Top cryptocurrencies fell heavily on Wednesday as a broad Nasdaq sell-off continued to run through its second straight day and into a third. The Federal Reserve then proceeded to pour gasoline on the bonfire, promising to shut off spigots of easy money for the economy and raise interest rates as many as eight separate times over the next three years, frightening many investors away from riskier assets such as cryptocurrencies.  

Result: As markets reopened on Thursday, top cryptocurrencies including Solana (CRYPTO: SOL), Terra (CRYPTO: LUNA), and Avalanche (CRYPTO: AVAX) tumbled -- down 10.6%, 9.1%, and 9.7%, respectively, over the past 24 hours as of 9:45 a.m. ET, according to data from CoinGecko.com.

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Source Fool.com