Many of the closest-watched large-cap cryptocurrencies are seeing significant selling pressure in the market today. Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE) and Bitcoin Cash (CRYPTO: BCH) have dropped 4.5%, 5.8%, and 3.8%, respectively, over the past 24 hours as of 2:30 p.m. ET.

These moves come despite relatively strong price action in the stock market, with a number of more speculative meme stocks surging today. With cryptocurrencies associated closely with these assets (particularly when we're talking about meme tokens such as Dogecoin), one needs to ask the question -- what's going on here?

It does appear some uncertainty around this week's upcoming Federal Reserve Open Market Committee meeting is leading to declines among major tokens, driving uncertainty with the macro backdrop in this space. But there are also some key token-specific fundamental factors that also appear to be in play. Let's dive into what's causing today's turmoil among these three top tokens.

Macro/regulatory uncertainty remains

Ethereum's status as the world's second-largest cryptocurrency means it's a top digital asset of focus for many conventional investors looking to diversify into this space. What it also means is that regulators tend to pay greater attention to this token, particularly with an upcoming decision on spot Ethereum ETFs looming. Uncertainty around these ETF approvals in the U.S. continues to remain high, despite other jurisdictions already approving exchange-traded products aimed at Ethereum.

Additionally, a lawsuit filed against the SEC by Ethereum developer Consensys has generated significant attention in recent days. This lawsuit aims to prevent what the developer calls an "unlawful seizure of authority," a move many in the crypto community are applauding, ahead of key regulatory decisions in this realm.

Other regulatory impact of various moves from exchanges such as Coinbase (NASDAQ: COIN) to list Dogecoin futures, among other products, remains to be seen. For now, these three tokens will likely receive outsized scrutiny on this front, with investors clearly taking a more cautious approach to these assets in today's session.

This slate of regulatory concerns can be capped off by news that a recent payment update on claims tied to Bitcoin Cash and other tokens for those impacted by the Mt. Gox debacle years ago has been provided. This update indicates a completion date for claims has been put forward, leading to likely selling pressure for Bitcoin Cash, at least over the near term.

Will this bearish momentum continue?

For now, there are plenty of regulatory-related headwinds investors appear to be pricing into the crypto sector. These three tokens have perhaps the most unique and noticeable headwinds, though it's also true that the Securities and Exchange Commission has continue to drive home a hawkish narrative on the space. That could mean continued uncertainty over the near term, which often leads to the kind of volatility we're seeing today.

It remains to be seen if we'll see an immediate bounce-back from this selling pressure. The crypto market continues to see impressive attention, and while capital flows into digital assets appears to be slowing, these projects are worth considering. Thus, for now, I'm going to keep these projects on my watch list and provide updates as they come.

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Chris MacDonald has positions in Ethereum. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, and Ethereum. The Motley Fool has a disclosure policy.

Why Ethereum, Dogecoin, and Bitcoin Cash Are Slumping Today was originally published by The Motley Fool