bitcoin falls 8% , ether down 9% in the last 24 hours
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The photo below shows the digital Cryptocurrency, Litecoin(LTC), Bitcoin/BTC, Ethereum (ETH), Ripple (XRP), as they were seen September 13, 2018 in Hong Kong.
Getty Images| S3studio | Getty Images
Bitcoin prices plunged sharply last night. Ethereum prices, however, also dropped.
BitcoinIn the 24 hours since, prices have fallen by 8% and were trading at $38,524 (at 10:56 PM). ET according to CoinDesk Data.
EtherThe market-cap second-largest cryptocurrency, dipped more than 9%. As of 10.57 pm ET, the price was $2,828. According to CoinDesk, ET.
Wall Street lost on Thursday, which led to a drop in cryptocurrency prices. The Nasdaq was down almost 5% this week, and the S&P 500 is into its third straight week of losses.
Investors have been forced to sell riskier assets as the U.S. Treasury 10-year yield rose earlier in this week. Federal Reserve also stated that it will begin to reduce its balance sheet and taper bonds, while raising interest rates.
One common use for bitcoin as an investment is to hedge against inflation due to government stimulus. analysts are saying the riskThat is it a more hawkish Federal Reserve may take the wind out of bitcoin’s sails.
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