AXS - The Metaverse Is Crashing! Why These 3 Crypto Tokens Nosedived Today
Metaverse-related cryptocurrencies are getting kicked in the pants today. There's really no nice way to put it.
Yesterday's news that investors and traders are now factoring in a shrinking Federal Reserve balance sheet, the tapering of bond purchases, and the eventual rate hikes this year has investors in high-growth assets concerned. Bond yields have continued higher on this news, approaching 1.75% as of late morning.
These headwinds have caused a reassessment of the valuation of many of the most popular highfliers from 2021. Metaverse cryptocurrencies such as Axie Infinity (CRYPTO: AXS) and Theta Network (CRYPTO: THETA) dropped more than 16% over the 24 hours ended 11 a.m. ET.
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The Metaverse Is Crashing! Why These 3 Crypto Tokens Nosedived Today