Why Are Bitcoin, Ethereum, Dogecoin, Solana, Avalanche Shooting Up All Of A Sudden?

Major coins rose in the early hours of Tuesday as the global cryptocurrency market cap rose 4.6% to $1.95 trillion. 

Gains in Ethereum outstripped those in Bitcoin, with the latter rising nearly 6%. At press time all the 10-largest coins by market cap traded in the green, as per CoinMarketCap data.

Despite adverse macroeconomic factors like a possible hike in interest rates by the U.S. Federal Reserve and a resurgent dollar, Bitcoin and Ethereum gained ground on Monday night.

“Bitcoin appears to be stabilizing, which is good news considering how significantly Treasury yields are rallying,” said Edward Moya, a senior market analyst with OANDA. 

The extension of gains by major coins on Tuesday came amid a backdrop of Canada invoking emergency rules under which bank accounts can be frozen or suspended without a court order and without fear of civil liability.  

Crypto twitter buzzed with talk about how cryptocurrencies can offer protection against such governmental action. 

Apparently the government owns your money in #Canada #Bitcoin protects you from tyranny disguised as “protection”

— Natalie ₿runell (@natbrunell) February 15, 2022

And there it is…things are starting to get spicy. What an advertisement for #Bitcoin.

Bitcoin = freedom

And don’t forget it. https://t.co/EEPh8RBk0H

— Preston Pysh (@PrestonPysh) February 14, 2022

On Monday, Russia said it would keep talking with the West to defuse the crisis over Ukraine. However, Russia’s foreign minister Sergei Lavrov said the country will “not allow endless negotiations on questions that demand a solution today,” according to a Reuters report. 

U.N. Secretary-General Antonio Guterres said he believed from his own analysis and hopes that “there would not be a conflict,” as per Reuters. 

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