Why These Altcoins Are All Falling Today

Fear, uncertainty, and doubt (FUD) have once again hit the cryptocurrency sector. Notable altcoins Polygon (CRYPTO: MATIC), Avalanche (CRYPTO: AVAX), and Luna (CRYPTO: LUNA) are down a respective 18.68%, 20.83%, and 21.95% in the past 24 hours, as of 2:05 p.m. EDT. They are now trading at $1.34, $37.28, and $25.59 per token, respectively.

On Sept. 6, the U.K.'s Financial Conduct Authority chairman Charles Randall criticized Kim Kardashian's promotion of a worthless cryptocurrency called Ethereum Max to hundreds of millions of Instagram followers in June. Due to altcoins' decentralized nature, "shills" have gained a significant amount of traction on Twitter promoting them with the perception of neutrality, despite securing numerous backdoor deals with developers beforehand.

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Source Fool.com