Odaily News Moody’s has downgraded the U.S. sovereign credit rating from Aaa to Aa1, citing an expanding deficit, rising interest expenses, and a lack of political will to control spending. As a result, major crypto assets prices have fallen, with Ethereum (ETH), XRP, and DOGE all dropping by about 3%. As of now, ETH is at $2,494.35, DOGE is at $0.2175, and XRP is at $2.38.
According to reports, this downgrade in ratings has triggered risk-averse sentiment in the market, leading to a rise in U.S. Treasury yields and a decline in S&P 500 futures, affecting both traditional and crypto markets. Moody’s has also become the third major rating agency to downgrade the U.S. rating, following Standard & Poor’s (2011) and Fitch (2023). (CoinDesk)
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