Share this article
Crypto Markets, Apart From Dogecoin, Join US Stock Sell-Off as Yellen Warns on Rates
Cryptocurrencies fall along with other risky assets on hint of higher interest rates.
Updated Sep 14, 2021, 12:50 p.m. Published May 4, 2021, 4:49 p.m.
In this article
Bitcoin suffered its biggest loss in two weeks and ether snapped a nine-day winning streak amid what appeared to be a broad sell-off Tuesday in cryptocurrency markets.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Prices for most of the biggest digital assets appeared to turn down right around the time U.S. stock markets opened in the red. The Standard & Poor’s 500 Index fell by the most since March, led by tech companies, including Apple, Tesla and Amazon.
According to Bloomberg News, traditional markets came under pressure as U.S. Treasury Secretary Janet Yellen said interest rates might have to rise to keep the economy from overheating – a move that could damp traders’ willingness to take extra risk.
Bitcoin (BTC), the largest cryptocurrency by market value, was changing hands at press time just below $54,000, down about 6% since 0:00 coordinated universal time.
Ether (ETH), the second largest, hit an all-time high price above $3,500 early Tuesday before reversing. Later, it was off 5.4% to $3,242.
Dogecoin (DOGE), the joke cryptocurrency that has surged in price this year to become the fourth-biggest digital asset by market capitalization, was one of just a few lone gainers amid the wipeout. As of press time, DOGE was changing hands at 55 cents, up 32% over the past 24 hours.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
IMF Flags Stablecoins as Source of Risk to Emerging Markets, Experts Say We Aren't There Yet
The IMF warns that USD-pegged stablecoins could undermine local currencies in emerging markets by facilitating currency substitution and capital outflows.
What to know:
- The IMF warns that USD-pegged stablecoins could undermine local currencies in emerging markets by facilitating currency substitution and capital outflows.
- Despite concerns, experts argue that the stablecoin market is still too small to have a significant macroeconomic impact.
- Stablecoins are primarily used for crypto trading, and their market size remains small compared to global currency flows.
Top Stories
