#Ethereum #Xrp #Dogecoin

Do you know why the major cryptocurrencies, including Ethereum, XRP, and Dogecoin, fell? I'll explain briefly.

The major cryptocurrencies, including Ether, XRP, and Dogecoin, fell by about 3% after Moody's downgraded the credit rating of the United States.

Moody's lowered the sovereign credit rating of the United States to Aa1 from Aaa, citing rising deficits and interest expenses.

U.S. Treasury yields rose and S&P 500 futures fell after the downgrade, affecting both traditional and cryptocurrency markets.

The downgrade had an immediate effect on traditional markets: U.S. Treasury yields increased, with the 10-year bond rising to 4.49%, while S&P 500 futures fell by 0.6% in after-hours trading.

Moody's Ratings, formerly known as Moody's Investors Service and often referred to as Moody's, is the bond credit rating division of Moody's Corporation, which represents the company's traditional line of business and its historic name. Moody's Ratings provides international financial analysis on bonds issued by commercial and governmental entities. Moody's, along with Standard & Poor's and Fitch Group, is considered one of the three major credit rating agencies. It is also listed in the Fortune 500 list of 2021.