Cryptocurrencies surged Tuesday night as the global cryptocurrency market cap rose 2.7% to $970 billion as of 8:17 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 3.2% | 5.9% | $20,286.32 |
| ether ETH/USD | 2.9% | 2.4% | $1,363.23 |
| Dogecoins DOGE/USD | 8.55% | 7.9% | $0.065 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Convex finances (CVX) | +9.5% | $5.39 |
| Dogecoins (DOG) | +8.4% | $0.065 |
| Elrond (EGLD) | +6.1% | $55.35 |
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Why it matters: Cryptocurrencies posted gains on Tuesday as the S&P 500 and Nasdaq closed up 3.1% and 3.3%, respectively. At the time of writing, US stock futures are slightly down.
The return in risk appetite was prompted by PMI numbers released this week that are pointing to weakness. Traders speculated that this could prompt central banks to turn more dovish.
“If that sounds like straw, it’s probably because stock markets have been going through a rough patch lately, and it can’t last forever,” he said Craig Erlama senior market analyst at OANDA.
Especially on Tuesday the Reserve Bank of Australia raised interest rates by less than expected 25 basis points, indicative of previous significant hikes, reported Reuters.
“The slight split between bitcoin and other risky assets recently has been interesting. We’ve seen more resilience during downturns and seemingly less enthusiasm during rallies,” Erlam said in a note provided to Benzinga.
“It will be interesting to see if this relationship lasts and what that means going forward.”
Among large-cap coins, Dogecoin saw significant gains on an intraday basis. The leading memecoin surged after Tesla Inc TSLA chairman Elon Musk revived an offer to buy Twitter for $54.20 per share.
Musk, a DOGE bull, is said to…
