Why Bitcoin, Shiba Inu, and Cardano Are Down Today

What happened

After recovering Friday, cryptocurrencies took another dip today and continued what has been a roller coaster of a week. Recent events and market moves have led to losses and concerns about where things go from here.

Over the last 24 hours, the price of the world’s largest cryptocurrency Bitcoin (BTC 0.40%) had fallen roughly 3.6% as of 11:41 a.m. ET. The prices of Shiba Inu (SHIB -4.68%) and Cardano (ADA -2.97%) were both down by nearly 10%.

So what

It has been challenging for investors to find a reason to feel bullish on the crypto market in the near term, as the Federal Reserve continues to tighten monetary policy, which includes raising interest rates and beginning to unwind its $9 trillion balance sheet. As rising rates boost the yields on safer assets and the Fed looks likely to pull a decent amount of liquidity out of the economy, riskier assets…

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