Why Bitcoin, Ethereum, Dogecoin And Shiba Inu Are Falling

Bitcoin BTC/USD , Ethereum ETH/USD ,Dogecoin DOGE/USD and Shiba Inu SHIB/USD are all trading lower going into the close of Tuesday's U.S. trading session.

Shares of several popular cryptocurrencies are experiencing weaknessafter Federal Reserve Chairman Powell said the Fed would be prepared to increase the pace of rate hikes if data indicated it was warranted.

The 2-year Treasury yield then reached the highest level since 2007 amid Powell's testimony.

"We have covered a lot of ground, and the full effects of our tightening so far are yet to be felt. Even so, we have more work to do," Powell said in a Tuesday statement to theSenate Committee on Banking, Housing, and Urban Affairs.

Cryptocurrencieshave been seen by some investors as a speculativehedgeagainst inflation and the Fed's continued plans to curb inflation could weigh on the broader crypto sector in the near-term.

According to data fromBenzinga Pro: BTC is trading lower by 1.99% to $22,026 ETH is lower by 1.94% to $1,545 DOGE is lower by 2.96% to $0.073 SHIB is lower by 5.11% to $0.00001064