Why Bitcoin, Ethereum, and Dogecoin Surged Today
The cryptocurrency sector is getting a nice boost today from yesterday's commentary from Federal Reserve Chairman Jerome Powell. The market received a jolt from Powell's commentary in a press release; he suggested the direction of the next Fed move will most likely be lower. The market had previously priced in some chance of an interest rate hike, which appears to be off the table, at least for now.
With a more accommodative monetary policy environment likely ahead, risk assets across the curve saw a big boost over the past 24 hours. Of course, the further out on the risk curve investors go, the more protracted this move can be. For top cryptos Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE), it's meant a 24-hour move of 3.8%, 2.2%, and 4%, respectively, as of 4 p.m. ET Thursday.
Additionally, there are some token-specific factors at play with these three tokens that investors appear to be pricing in today. Let's dive into what's moving these closely watched digital assets.
Source Fool.com
