Why Bitcoin, Ethereum, and Crypto Stocks Are Soaring Today
-
Loading... - Banyu Saputra
- 07 Sep 2022
- 117 Views
- 0 Like
- 0 Comment
The crypto market enjoyed several items of market-moving news from Malaysia.
What happened
Many cryptocurrencies and crypto-related stocks posted sharp price gains on Tuesday. Bitcoin (BTC -5.92%) and Ethereum (ETH -9.42%) saw 24-hour gains of 3.9% and 3.2%, respectively, at 2 p.m. ET today. Leading cryptocurrency trading service Coinbase Global (COIN -3.80%) held a 7.2% price increase at the same point in time, while the crypto-focused bank Silvergate Capital (SI -3.10%) was up 5.6%.
It's no surprise to see the biggest names in cryptocurrency jumping today, because they were fueled by a handful of bullish news items.
So what
First and foremost, cryptocurrencies took another meaningful step toward the mainstream economy. A leading government official asked the country of Malaysia to elevate cryptocurrencies into a form of legal tender.
Zahidi Zainul Abidin, Malaysia's deputy minister of communications and multimedia, addressed the country's parliament on Monday, asking legislators to accept Bitcoin and other digital coins in addition to the Malaysian ringgit. The government started kicking the tires of a state-backed cryptocurrency in January, but Abidin's request could broaden that review into raising the legal status of many existing cryptocurrencies. Read More...
