USTC - Why Bitcoin Solana and Near Protocol Jumped on Monday Morning
The crypto market was up sharply on Monday morning as investors turned bullish once again on riskier assets. The S&P 500 is up about 0.9% and the Nasdaq Composite is up 1% as of this writing, which often correlates with rising crypto prices.
At 11:30 a.m. ET, Bitcoin (CRYPTO: BTC) was up 3.4% in the last 24 hours, Solana (CRYPTO: SOL) was up 7.9%, and Near Protocol (CRYPTO: NEAR) jumped 6.3% today. On the flip side, TerraClassicUSD (CRYPTO: USTC) is down 13.8% following a big jump last week.
A rising stock market certainly helps cryptocurrency values. Investors are currently bidding up stocks on speculation that August inflation data won't be as bad as feared. Inflation and high energy prices have both hurt the economy and caused the Federal Reserve to increase interest rates over the past year. If that trend reverses, it could be bullish for stocks and cryptocurrencies.
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Why Bitcoin, Solana, and Near Protocol Jumped on Monday Morning