Cryptocurrencies
Bitcoin’s Stock-Defying Rally Powers Up the Narrative Engines
- Crypto pros give host of reasons for rally, led by sanctions
- Differing narratives around Ukraine and Russia pose conundrum
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The crypto sector goes from one conundrum to the next as it matures. This week’s surge is the latest example.
Why is it rallying? It’s not because stocks are, for once: The S&P 500 plunged almost 2% Tuesday. Another explanation is that digital assets will gain favor amid sanctions in Russia, perhaps as an alternate currency. Yet another is that after weeks of tracking equities, it has suddenly caught on again as an inflation hedge.