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.

AccessTimeIconMay 4, 2021 at 4:49 p.m. UTC
Updated Sep 14, 2021 at 12:50 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.