BTC - Why Bitcoin Ethereum and Dogecoin Are Losing Steam Today
2023-05-09 13:23:47 ET
The cryptocurrency market is once again seeing red, continuing a rather bearish trend seen over the past few days. As of 12:30 p.m. ET, Bitcoin (CRYPTO:BTC), Ethereum (CRYPTO:ETH), and Dogecoin (CRYPTO:DOGE), three of the largest cryptocurrencies by market capitalization, saw their prices drop 1.6%, 1.2%, and 2.6%, respectively, over the past 24 hours.
Macro forces appear to be behind at least some of this move, with concerns around the upcoming debt ceiling and an ongoing banking crisis hurting investor confidence in risk assets. Today's outsize decline in Dogecoin appears to portray such sentiment, with other meme tokens dropping faster than the overall market.
Bitcoin's decline appears to be tied to surging transaction fees on the Bitcoin network, which remain elevated in today's session. High levels of congestion typically are a bullish indicator, but the fact that a transaction halt from Binance appears to be the driver of this higher transaction price has some investors concerned.
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Why Bitcoin, Ethereum, and Dogecoin Are Losing Steam Today