Why Bitcoin Cash Is Diving By Benzinga

© Reuters. Why Bitcoin Cash Is Diving

Shares of several popular altcoins, including (CRYPTO: BCH), are trading lower. The weakness is in sympathy with the overall stock market as traders continue to digest Wednesday’s Fed rate hike announcement.

An increase in yields has pressured the broader stock market, with technology and growth stocks receiving a brunt of the selloff.

The Federal Reserve raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years. The Fed also said it will begin reducing the size of its balance sheet starting on June 1… Read More

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According to data from Benzinga Pro, Cash is trading lower by 8.52% at $275.80 Thursday. Bitcoin Cash is lower by 25.72% over the trailing month amid ongoing weakness in the cryptocurrency market.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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