Why Bitcoin, Ethereum, and Litecoin are falling today

What happened with cryptocurrencies today?

Several of the largest cryptocurrencies fell today in what appeared to be a move driven by macro fears, uncertainty about the debt ceiling, and ahead of the release of the Federal Reserve’s May meeting minutes today.

Since late afternoon yesterday, the price of the world’s largest cryptocurrency Bitcoin (CRYPTO: BTC) traded 3% lower as of 11:45 a.m. ET today. Meanwhile, the price of the world’s second-largest cryptocurrency Ethereum (CRYPTO: ETH) traded 3.2% lower, while the price of Litecoin (CRYPTO: LTC) was down 5.3%.

So what

Part of what’s been dogging cryptocurrencies today is the constant tug-of-war investors are having about their view on the Fed and interest rates and whether on not the Fed will pause its rate-hiking campaign at its next meeting. Currently, roughly 72% of investors are betting on a pause but that’s a smaller percentage than it had been recently.