Why Bitcoin (BTC), Etherem (ETH) Are Spiking Today
Bitcoin and Ethereum spiked Thursday evening as the global cryptocurrency market cap increased 5.2% to $929.8 billion at press time.
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Why It Matters: Cryptocurrencies continue to shadow stocks. On Thursday the S&P 500 and Nasdaq ended the day 0.95% and 1.6% higher as stocks shrugged off bearishness and looked to rally.
“Bitcoin remains anchored around the $20,000 level as Wall Street tries to figure out how aggressive the Fed will be to fight widespread inflation,” said Edward Moya, a senior market analyst with OANDA.
Moya said that Bitcoin is unlikely to trade on “crypto fundamentals” until a firm bottom is agreed upon in U.S. stocks.
“Bitcoin’s longer-term outlook is for much higher prices, but no one is confident that the bottom is in place. …
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