Cryptocurrencies are taking it on the chin today as nearly every major coin is falling along with most of the stock market. The value of Dogecoin (CRYPTO:DOGE) is down 3.2% in the last 24 hours as of 2:25 p.m. ET, and is now down 25% in the past month.
Today's sell-off is marketwide and includes almost every cryptocurrency. Investors hoping that investing in crypto assets would be some kind of hedge against market volatility have likely been disappointed.
The biggest news of the day was a mixed jobs report that showed more people working but weakness in some sectors like retail and hospitality, which are slowing from growth in the fall. Investors haven't quite known what to do with this information and right now the answer has been selling just about everything.
Like it or not, as the market goes so goes cryptocurrencies like Dogecoin. It's interesting that Dogecoin hasn't fallen even farther given the general volatility we have seen in the crypto market recently.
I wouldn't expect a quick recovery unless the overall market recovers. Cryptocurrencies like Dogecoin appear to be highly correlated with the stock market overall, and with the market in a general downturn I wouldn't be surprised if it's a tough end to the year for crypto investors.