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

Odaily 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. As a result, 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 the US Treasury yield to rise, the S&P 500 futures to fall, and both traditional and crypto markets to be affected. Moody's also became the third major rating agency to downgrade the US rating after Standard & Poor's (2011) and Fitch (2023). (CoinDesk)