Shares of several popular altcoins, including Ethereum Classic ETC/USD, are trading lower in sympathy with apex cryptocurrency Bitcoin BTC/USD and second-largest market cap crypto Ethereum ETH/USD.
The weakness for cryptos is in sympathy with the overall stock market as traders continue to digest last Wednesday’s Fed rate hike announcement.
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.
The Fed raised its target fed funds rate by 0.5% on Wednesday to a new range of between 0.75% and 1.0%, its first rate hike of at least half a percentage point in more than 20 years.
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According to data from Benzinga Pro, Ethereum Classic is trading lower by 11.79% at $23.62 Monday evening. Ethereum Classic is lower by 42.91% over the trailing month amid ongoing weakness in the cryptocurrency market.
