Why Cryptocurrencies Ethereum, Dogecoin, and Shiba Inu Are Rising Today

Cryptocurrencies rose today as the more friendly regulatory environment promised by President Donald Trump began to take shape, and as new economic data sent Treasury yields lower.As of 1:10 p.m. ET today, the price of Ethereum (CRYPTO: ETH), the world's second-largest cryptocurrency, traded 4.2% higher from late afternoon yesterday. Meanwhile, the price of the meme tokens Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) traded 1.7% and 5.1% higher, respectively.Fresh economic data out today sent Treasury yields lower, which tends to benefit cryptocurrencies. The Institute for Supply Management reported that the Services Purchasing Managers' Index (PMI) in January fell by 1.3 points to 52.8. Analysts had expected the Services PMI to come in at 54.3 (any number above 50 indicates expansion). Still, the below-consensus number offers more evidence that inflation could be easing.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool