Shares of several Crypto stocks moved higher Tuesday, largely because traders started to get hopeful that the Fed might pivot toward a less aggressive fiscal policy, which would likely help cryptocurrencies and tech stocks.
Shares of crypto exchange Coinbase (NASDAQ: COIN) were trading nearly 10% higher as of noon ET. Meanwhile, shares of crypto-focused bank Silvergate Capital (NYSE: SI) were up nearly 6%, and shares of Hut 8 Mining Corp (NASDAQ: HUT) were up 8.4%.
The Reserve Bank of Australia surprised investors Tuesday morning when it only increased its benchmark rate by 25 basis points (0.25 percentage points) instead of the 50-basis-point hike that most experts had been expecting. This gave hope to investors that perhaps the Federal Reserve might begin to slow its interest rate hikes soon as well.
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Why Shares of Coinbase, Silvergate Capital, and Hut 8 Mining Corp Are Rising Today