SOL - Why Ethereum Solana and Chainlink Are Falling Today
Many cryptocurrencies are trading lower this morning along with the broader market, and as regulators seem to be indicating a more restrictive tone in regard to crypto policy.
Since late afternoon yesterday, the price of the world's second-largest cryptocurrency, Ethereum (CRYPTO: ETH) , traded 2.3% lower as of 10:24 a.m. ET today. Meanwhile, the price of Solana (CRYPTO: SOL) traded 3.6% lower, and the price of Chainlink (CRYPTO: LINK) was down 5.2%.
Crypto has rallied for most of the year along with the rest of the market, which has seen signs of softening inflation that could lead the Federal Reserve to soon stop its aggressive interest rate-hiking campaign. Higher interest rates make safer assets yield more, which makes riskier assets like crypto far less attractive.
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Why Ethereum, Solana, and Chainlink Are Falling Today