ETH, XRP, and DOGE fall about 3% after Moody's downgrades U.S. credit rating

Odaily Planet Daily News Moody's has downgraded the U.S. sovereign credit rating from Aaa to Aa1, citing an expanding deficit, rising interest expenses, and a lack of political will to control spending. As a result, major cryptocurrency prices have fallen, with Ethereum (ETH), XRP, and Dogecoin (DOGE) all down about 3%. As of now, ETH is priced at $2,494.35, DOGE at $0.2175, and XRP at $2.38. It is reported that this rating downgrade has triggered risk-averse sentiment in the market, leading to an increase in U.S. Treasury yields and a decline in S&P 500 futures, affecting both traditional and crypto markets. Moody's has become the third major rating agency to downgrade the U.S. rating, following Standard & Poor's (2011) and Fitch (2023). (CoinDesk)