The Federal Reserve is casting a shadow over cryptocurrencies.
Like stocks, cryptocurrencies have extended a selloff to start the year because of expectations that the central bank will raise interest rates as early as March., the largest cryptocurrency, is down 8.7% year to date, according to CoinDesk, and the second-largest, ether, is down 14%. That has spilled over to publicly traded crypto companies. Coinbase Global Inc. is down 12% so far this year. Marathon Digital Holdings Inc. is down 21%. Riot Blockchain Inc. is down 16%.
Over the past two years, bitcoin enjoyed a massive rally and the entire crypto market pushed into the mainstream. Traditional investors entered crypto in droves. While crypto advocates have pined for this so-called "institutional money" for years, the surge has turned out to be a double-edged sword.Increasingly, sentiment in traditional and crypto markets can have an effect on the other, analysts at the International Monetary Fund said.
A sign that crypto is in the doldrums is the muted reaction to a reliable spark: an Elon Musk tweet. " Tesla merch buyable with Dogecoin, " the Tesla Inc. founder wrote Friday on Twitter.
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