Investors in cryptocurrencies and other risk assets are once again licking their wounds today. Specifically, those invested in top crypto projects ChainLink (CRYPTO: LINK) , Polkadot (CRYPTO: DOT) , and XRP (CRYPTO: XRP) have seen 24-hour declines of 7.9%, 7.2% and 5%, respectively.
It appears that once again, macro factors are dominating the headlines for both crypto and stocks. This week happens to host a highly anticipated FOMC decision. Expectations have now increased to factor in a potential 100-basis point (1%) hike, though most expect the Fed to continue hiking at a 75 bps pace.
Higher bond yields have flowed through to valuations across all risk assets, with most major markets seeing declines this morning. Investors banking on the next monetary policy-fueled bull market may have to wait longer, suggesting more near-term downside could be on the horizon for more aggressive investors.
For further details see:
Why ChainLink, Polkadot, and XRP Are Getting Eaten by the Bears Today