XRP SHIB DOGE ADA and Other Cryptocurrencies Just Crashed
Categories: Crypto News
Here's Why XRP,SHIB, DOGE, ADA and Other Cryptocurrencies Just Crashed
Dogecoin(DOGE), Shiba Inu (SHIB), Cardano (ADA), Shiba Inu (SHIB) took a serious tollafter Federal Reserve Chairman Jerome Powell gave a scathing speech .Atthe annual Central Banking Summit held earlier today in Wyoming's Jackson HoleValley. With the top cryptocurrency giving up all its recent gains, the marketsentiment turned extremely bearish once again.
Bitcoin(BTC), the bellwether cryptocurrency, has plunged by more than 6% sincePowell’s comments, dragging the rest of the cryptocurrency market lower. Theflagship coin has managed to cover some losses, currently trading at $20,733 onthe Bitstamp exchange. Ethereum (ETH) is down 8% just weeks before it underwentthe much-anticipated merge upgrade. Powell said the central bank had tomaintain its stance "for the time being" to contain high inflation.This means that investors may not see the much-anticipated pivot from thecentral bank anytime soon.
Of course,cryptocurrencies fell short with US stocks. The S&P 500 index dropped morethan 2% due to Powell's remarks. Some market observers are becoming dismayed bybitcoin's continued correlation with US stocks.
“Cryptomarching in lockstep with equities. Aren't you guys getting tired of this…yet?”veteran trader John Bollinger tweeted. Bitcoin is down more than 70% from itsrecord peak, with most top altcoins performing even worse than that. After struggling to act as aninflation hedge, Bitcoin bulls have so far failed to come up with anotherbullish narrative.