Shares of several popular altcoins, including Dogecoin DOGE/USD, are trading lower in sympathy with apex cryptocurrency Bitcoin BTC/USD and second-largest market cap crypto Ethereum ETH/USD.
Crypto is likely trading lower in tandem with major U.S. indices, which are also experiencing marked weakness after the Federal Reserve Wednesday afternoon raised its target fed funds rate by 75 basis points to a new range of between 1.5% and 1.75%, its largest interest rate hike in 28 years.
Cryptocurrencies have been seen by some investors as a speculative hedge against inflation and the Fed’s plans to curb inflation could weigh on the broader cryptocurrency sector.
According to data from Benzinga Pro, Dogecoin is trading lower by 4.88% to the $0.057-level Thursday afternoon. Dogecoin is also lower by 34.70% over the trailing month amid ongoing weakness in the broader cryptocurrency market.