Today, volatility has once again reared its ugly head in the crypto world. For investors in top cryptocurrencies such as Avalanche (CRYPTO: AVAX) , Terra (CRYPTO: LUNA) , Polygon (CRYPTO: MATIC) , and Algorand (CRYPTO: ALGO) , this has meant plenty of near-term pain.
As of 1 p.m. ET, these top tokens sunk 9.5%, 3.7%, 11%, and 7.5%, respectively, over the past 24 hours. Aside from Terra, which is down 18% over the past week (an outperformer, if one can believe it), the other three tokens on this list have now declined more than 35% over the past seven days.
This past week saw a number of macro and token-specific headwinds materialize for these tokens. From a macro perspective, expectations of rate hikes during the March meeting of the Federal Reserve have driven bond yields higher, reducing appetite for high-risk investments. Crypto has sold off alongside higher-beta stocks and speculative assets. Further regulatory scrutiny of the crypto sector, this time out of Russia, also has crypto investors on edge right now.
For further details see:
Why Cryptocurrencies Like Avalanche, Terra, Polygon, and Algorand Are Crashing Today