ETH, DOGE, XRP Down 3% as Moody's Lowers U.S. Credit Rating
Cryptocurrency markets dipped with equities after Moody's lowered the U.S. sovereign credit rating to Aa1, prompting risk-off and new worries regarding government debt and macro stability.Larger cryptocurrencies such as ether, XRP, and dogecoin dropped roughly 3% following Moody's lowering of the U.S. credit rating.
Moody's reduced the U.S. sovereign credit rating to Aa1 from Aaa due to growing deficits and interest costs.
The U.S. Treasury yields climbed and S&P 500 futures fell after the downgrade, affecting traditional and crypto markets.
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ETH,$ETH DOGE, XRP Fall 3% as Moody's Downgrades U.S. Credit Rating
Crypto markets fell in line with stocks after Moody's reduced the U.S. sovereign credit rating to Aa1, prompting risk-off sentiment and renewed concerns of government debt and macro stability.
Large cryptocurrencies,$BTC such as ether, XRP, and dogecoin, dropped around 3% following Moody's downgrade of the U.S. credit rating.
Moody's lowered the U.S. sovereign credit rating to Aa1 from Aaa, attributing this to increasing deficits and interest costs.
U.S. Treasury yields increased and S&P 500 futures declined in response to the downgrade, affecting both conventional and crypto markets.
Major tokens fell Saturday as investors processed the meaning behind Moody's Ratings lowering the U.S. credit rating, with ether (ETH), XRP, and dogecoin (DOGE)
falling about 3%.
The larger crypto market hovered at $3.3 trillion, trimming earlier increases after briefly reaching the week's high