Why Bitcoin, Dogecoin, and Shiba Inu Popped Today
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The prices of several major cryptocurrencies jumped on Tuesday amid news of an enormous increase in cryptocurrency trading volumes and the latest signs of the impending first approvals of spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).
As of 5:42 PM Tuesday, Bitcoin was up 4.8%, exceeding the $44,000 price for the first time since April 2022. Dogecoin (CRYPTO: DOGE) was also up 4.6%, and Shiba Inu (CRYPTO: SHIB) had gained 4%.
In the latest sign of renewed investor interest in cryptocurrencies, an SEC filing late yesterday by brokerage firm Robinhood (NASDAQ: HOOD) revealed November notional trading volumes for cryptocurrencies had surged by 75% sequentially from October 2023 levels. What's more, Robinhood said that the jump in crypto trading came even as November notional trading volumes for equities (stocks) and options contracts remained roughly flat from October levels. It's also a massive positive reversal for Robinhood, considering the firm revealed a 55% year-over-year drop in crypto trading volumes in its third-quarter 2023 report.
Source Fool.com
