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Bitcoin, Ethereum, and Dogecoin Recover in Quick Reversal

TheMotleyFool

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Bitcoin, Ethereum, and Dogecoin Recover in Quick Reversal: https://g.foolcdn.com/editorial/images/786166/currency-and-crypto-digitization.jpg

The yen-induced route in the crypto markets on Monday didn't last long. On Tuesday, major cryptocurrencies' value jumped, although not back to their levels early in the weekend.

Bitcoin (CRYPTO: BTC) was up 7.4% as of 2:30 p.m. EDT; Ethereum (CRYPTO: ETH) was up 6.4%; and Dogecoin (CRYPTO: DOGE) rose 5.3%. This mirrored an improvement in the stock market, continuing a correlation between stocks and cryptocurrencies on high-volatility days.

Yesterday's move was driven by an unwinding of the yen carry trade, a leveraged bet on currencies and interest rates. But the fallout can involve unrelated assets like cryptocurrencies as the trade unwinds. That's why the market crashed yesterday.

Source Fool.com

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