Shares of several popular altcoins, including Dogecoin DOGE/USD, are trading lower in sympathy with apex cryptocurrency Bitcoin BTC/USD and second-largest market cap crypto Ethereum ETH/USD. The weakness for the broader crypto sector is in sympathy with the overall stock market as traders continue to digest last Wednesday’s Fed rate hike announcement.
Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed’s plans to curb inflation could weigh on the broader cryptocurrency sector.
The Federal Reserve last Wednesday raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years.
According to data from Benzinga Pro, Dogecoin is trading lower by 5.08% to the $0.116-level Monday morning. Dogecoin is also lower by 17.88% over the trailing month amid ongoing weakness in the broader cryptocurrency market.
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