- The latest cryptocurrencies to fall hard were Bitcoin, Dogecoin, Shiba InuCoin, and Cardano. Bitcoin was down 5.2%, Dogecoin was down 5.6%, Shiba InuCoin was down 6.9%, and Cardano was down 6.3%. Ethereum, Bitcoin Cash, EOS, Litecoin, and Ripple were all down less than 1%.
- Bitcoin, dogecoin, and other cryptocurrencies tumbled over the past 24 hours, dropping more than 5% in the process. The declines came after a brutal week for crypto in which prices fell more than 20% from their December peaks. The declines also came just hours after a widely expected bullish statement from Federal Reserve officials. The statement, which was widely expected to call for a gradual increase in interest rates, actually called for a much slower pace of rate hikes than many market observers expected.
What Is The Reason Behind The Fall Of Bitcoin, Dogecoin, Shiba Inu, And Cardano?
- The reason for the selloff in Bitcoin, Dogecoin, Shiba Inu, and Cardano is unclear, but some analysts are pointing the finger at Tether. The company is the largest issuer of cryptocurrencies, and often issues new coins in amounts that are equal to or close to the value of Tethers. This creates a distortion in the market, and often pushes other currencies down as well.
- This was the second time in a month that one of the top cryptocurrencies had fallen in value by at least 5%. The only other time that happened was on October 10th, which was also during a time of high volatility. I’m not sure what is going to happen next, but it’s likely that we will see more cryptocurrencies fall in value.
Summary
- The fall of prominent cryptocurrencies such as Bitcoin, Dogecoin, and Cardano in the last month has been a major talking point in the cryptocurrency markets. The price of Bitcoin has fallen from a high of almost $20,000 to a current value of over $6,000, a drop of over 60%.
- Many have pointed the finger at the SEC for the drop, arguing that their actions have been the catalyst for the decline. However, the SEC has denied these allegations, stating that they have only released information regarding upcoming Bitcoin and Ethereum ETFs, which have not yet been approved.
CTA
- The fall of once high-flying cryptocurrencies such as Bitcoin, Dogecoin, and Shiba Inu have been a major talking point in the world of cryptocurrency. Even Cardano and other lesser-known cryptocurrencies have seen their value drop significantly over the past few months.
- It is important to remember, however, that a cryptocurrency’s value can change on a daily basis. While it may be tempting to jump on the latest cryptocurrency “pump” or “dump,” it is important to stick with a currency for the long term.
Tags: bitcoincardanonewsShiba Inu
