Larger tokens fell on Saturday when investors digested the consequences of Moody’s Ratings downgrading the US credit score, with Ether (ETH), XRP and Dogecoin (DOGE), which fell approx. 3%.

The wider crypto market held on $ 3.3 trillion, paring earlier gains after brief touch of the high of the week.

The move came after judging Giant Moody’s Cut the US sovereign credit rating to AA1 from AAA, referring to the country’s raising deficit, rising interest expenses and a lack of political will to empty expenses.

The company now joins Fitch and S&P to award an assessment under the once unnoticed triple-a status that the world’s largest economy has.

As such, the White House was quick to answer, with spokesmen of President Donald Trump, who criticized the decision as politically motivated.

The downgrade had an immediate effect on the traditional markets: US treasury yields jumped, with the 10-year-old note rose to 4.49%, while the S&P 500 futures dipped 0.6% in trade after hours.

Historically, concerns about American debt sustainability and dollar base have served as a wind for Bitcoin and other decentralized assets. However, credit downgrades can also trigger short-term risk-off behavior, especially if macroic certainty causes institutional dealers to reduce exposure.

Meanwhile, some dealers warned of a deeper sales in the short term on general profits before the next rally.
“Bitcoin holds the $ 104,000 mark as a key level, and the positive factor is that salespeople have not yet managed to take control of the market,” Alex KubeSikevich, FXPRO Chief Market Analyst, told Coindesk in an E email. “However, resilience at high levels can be temporary before the next rejection, and there is considerable pressure near the upper limit of the current interval.”
“In other words, the short -term prospects suggest a decrease from the current levels,” Opined Kibesikevich Opinated.