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Crypto Markets, Apart From Dogecoin, Join US Stock Sell-Off as Yellen Warns on Rates

Cryptocurrencies fall along with other risky assets on hint of higher interest rates.

May 4, 2021 at 4:49 p.m. UTC
Updated Sep 14, 2021 at 12:50 p.m. UTC

Bitcoin suffered its biggest loss in two weeks and ether snapped a nine-day winning streak amid what appeared to be a broad sell-off Tuesday in cryptocurrency markets.

Prices for most of the biggest digital assets appeared to turn down right around the time U.S. stock markets opened in the red. The Standard & Poor’s 500 Index fell by the most since March, led by tech companies, including Apple, Tesla and Amazon.

According to Bloomberg News, traditional markets came under pressure as U.S. Treasury Secretary Janet Yellen said interest rates might have to rise to keep the economy from overheating – a move that could damp traders’ willingness to take extra risk.

Bitcoin (BTC), the largest cryptocurrency by market value, was changing hands at press time just below $54,000, down about 6% since 0:00 coordinated universal time.

Ether (ETH), the second largest, hit an all-time high price above $3,500 early Tuesday before reversing. Later, it was off 5.4% to $3,242.

Dogecoin (DOGE), the joke cryptocurrency that has surged in price this year to become the fourth-biggest digital asset by market capitalization, was one of just a few lone gainers amid the wipeout. As of press time, DOGE was changing hands at 55 cents, up 32% over the past 24 hours.

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