Why Bitcoin, Ethereum, and Dogecoin Are Shooting Higher Today
This week's price action in the crypto sector has started with a bullish tone, with most major cryptocurrencies seeing gains on Monday morning. At 9:45 a.m. ET, Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) had surged 4.2%, 5.4% and 2.1%, respectively, over the past 24 hours.
The crypto market appears to be, once again, moving in line with equities today. Risk assets are continuing higher, on bond yields that have surprisingly come down over the past week. The market right now appears to be factoring in the idea that inflation can come down faster than expected, given the aggressive hawkish stance the Federal Reserve has adopted.
Bitcoin and Ethereum both appear to be riding the wave of various catalysts that have remained in place in recent weeks. News that a proposed bill would see these top cryptocurrencies regulated as commodities by the CFTC has been cheered by investors. Of course, Ethereum's upcoming merge, which now appears to be five weeks out, is a key catalyst driving this token, and the rest of the market, higher.
Source Fool.com
