BTC - Why Ethereum Bitcoin and Cardano Are Rocketing Higher Today
Today's moves in equity and cryptocurrency markets are providing a nice bout of bullish sentiment for investors who have been beaten down for most of 2022. As of 3 p.m. ET on Tuesday, Ethereum (CRYPTO: ETH) , Bitcoin (CRYPTO: BTC) , and Cardano (CRYPTO: ADA) had surged 11.7%, 4.9%, and 13.3%, respectively, over the past 24 hours. These moves come amid expectations that the Federal Reserve could tone down its pace of interest rate hikes sooner than expected, as well as some stronger-than-expected earnings reports from large-cap companies this week.
One of the key drivers of expectations that the Fed could slow down its rate increases came out of new data released today with updated August numbers in the S&P CoreLogic Case-Shiller Home Price Index. While home prices accelerated 13% in August year over year, this increase was down considerably from the 15.6% rate seen in July. Accordingly, this was the steepest deceleration we've seen in the Case-Shiller index since its inception.
And data from the Case-Shiller 20-City index provided an even clearer picture of where prices are headed in major metropolitan areas. This metric showed a 1.6% decline in the top 20 major U.S. markets on a month-over-month basis.
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Why Ethereum, Bitcoin, and Cardano Are Rocketing Higher Today