The largest cryptocurrency by market cap was trading at $16,813, down 1.2 percent on a 24-hour basis, according to data from CoinGecko.
Digital assets have been largely correlated with U.S. stocks this year, and investors have sold off so-called risk assets, including technology stocks, Bitcoin and other digital assets, as the Federal Reserve raised interest rates to rein in historically high inflation.
As the Federal Reserve showed signs of slowing its aggressive monetary policy, stock prices have rallied, taking the crypto market with it, and Ethereum is also down more than 2% today, trading at $1,229, the second-largest digital asset this morning. It also experienced a sharp sell-off at some point, and it is now down 74% from its all-time high of $4,878.
Among the largest cryptocurrencies by market capitalization, Dogecoin was the hardest hit today, with the original memecoin and eighth-largest digital asset at $0.095, down 4.2% in 24 hours.