BCH - Why Altcoins Were Sliding Again Today
2024-04-16 18:57:16 ET
This isn't shaping up to be a banner week for crypto, as some of the top altcoins in the space lost value Tuesday. A pronouncement from a top Federal Reserve issue dampened sentiment, which was already sinking following the recent cryptocurrency rally.
That being said, the Tuesday losses were, by and large, not massive. Bellwether meme coin Dogecoin (CRYPTO: DOGE) was down by more than 3% in late afternoon trading, while the theoretically more serious utility coins Chainlink (CRYPTO: LINK) and Bitcoin Cash (CRYPTO: BCH) shed a respective 2% and 4%. Aptos (CRYPTO: APT) was also in negative territory, but barely, as it was off 0.1%.
The bad guys, if you will, in this story are Fed Chair Jerome Powell and Vice Chair Philip Jefferson. On Wednesday, both strongly indicated that the likeliness of the central bank cutting its key interest rate was dropping.
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Why Altcoins Were Sliding Again Today