ETH, XRP, DOGE fall by about 3% after Moody's downgrades US credit rating

Odaily Planet Daily News Moody's downgraded the US sovereign credit rating from Aaa to Aa1, citing widening deficits, rising interest payments and a lack of political will to control spending. Affected by this, the prices of major cryptocurrencies fell, with Ethereum (ETH), XRP and Dogecoin (DOGE) all falling by about 3%. As of now, ETH is trading at $2,494.35, DOGE is trading at $0.2175, and XRP is trading at $2.38. It is reported that the downgrade triggered risk aversion in the market, causing U.S. Treasury yields to rise, S&P 500 futures to fall, and both traditional and crypto markets were affected. Moody's has also become the third major rating agency to downgrade the United States after Standard & Poor's (2011) and Fitch (2023). (CoinDesk)