CEL - Why Ethereum Classic Celsius and Aave Plunged on Wednesday Morning Only to Recover Midday
The crypto market sell-off continues Wednesday as a strong dollar hurts valuations and some negative news impacts trading. This is normal volatility, but right now it's a negative for valuations.
At 10:30 a.m. ET, Ethereum Classic (CRYPTO: ETC) was down 11.6% in the last 24 hours, Celsius (CRYPTO: CEL) had fallen 11%, and Aave (CRYPTO: AAVE) was down 7.3%. Values quickly recovered, though, and at 2 p.m. ET all of these cryptocurrencies had clawed back some gains, with Aave trading slightly higher over the last day.
The U.S. Dollar Index has risen steadily all week, reaching nearly 111 early on Wednesday. Naturally, assets that are priced in dollars will fall in relative value. The index fell sharply midday, which may have helped crypto values stabilize.
For further details see:
Why Ethereum Classic, Celsius, and Aave Plunged on Wednesday Morning Only to Recover Midday