Why Bitcoin, Ethereum, and Dogecoin Are Spiking This Morning

Top cryptocurrencies Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) each rocketed higher in late-morning trading, making up all of this morning's losses, and then some. As of 11:30 a.m. ET, these three tokens have surged 5.3%, 1.7%, and 1.5% higher. This surge negates earlier intraday declines of 4.8%, 6.7%, and 3.8%, respectively.

This impressive crypto turnaround followed the movements seen in most stock indexes, as earlier concerns around Russian veiled nuclear threats toward the West have tapered off. As of 11:30 a.m. ET, the Nasdaq had moved green, with investors seemingly taking a buy-the-dip approach to risk assets. Cryptocurrencies have traded in high correlation to Nasdaq-listed stocks of late.

Additionally, recent news that Ukraine has tapped crypto Twitter, requesting Bitcoin and Ethereum to fund its war efforts, has emboldened the crypto crowd.

Source Fool.com