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Why Dogecoin Is Sinking Today

TheMotleyFool

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Why Dogecoin Is Sinking Today: https://g.foolcdn.com/editorial/images/834360/gettyimages-2188805651-1.jpg

Dogecoin (CRYPTO: DOGE) is moving lower in Friday's trading in response to bearish momentum for the broader crypto market and a "buy the rumor, sell the news" dynamic. The cryptocurrency was down 6.7% over the past 24 hours of trading as of 2 p.m. ET. Over the same period, Bitcoin was down 2%, and Ethereum was down 3.3%.

Cryptocurrencies are moving lower in today's trading after the Federal Reserve's move to cut interest rates failed to spark a rally. Dogecoin is also likely seeing outsize sell-offs after the launch of an exchange-traded fund (ETF) built around the token also failed to spur bullish momentum.

Image source: Getty Images.

Source Fool.com

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