Why Bitcoin, Ethereum, and Polygon Jumped Today

Crypto markets moved sharply higher on Thursday morning as investors cheered more stability than we've seen in weeks. Celsius Network, a major cryptocurrency lender and finance company, officially filed for bankruptcy protection, and Ethereum (CRYPTO: ETH) moved closer to its proof-of-stake consensus mechanism. Sometimes, simply reducing uncertainty is enough to push crypto higher.

In the past 24 hours, as of 2 p.m. ET, the value of Bitcoin (CRYPTO: BTC) was up 4.7%, Ethereum was up 10.1%, and Polygon (CRYPTO: MATIC) had jumped 21%.

The biggest news is that Celsius Network filed for Chapter 11 bankruptcy protection in the U.S., which at least ends speculation about the company's future. Management said it has $167 million in cash on hand to fund operations, but customer funds will now be part of the Chapter 11 process and not available on a first-come, first-served basis.

Source Fool.com