Why Bitcoin Cash And Ethereum Classic Are Ripping Higher

Bitcoin Cash BCH/USD and Ethereum Classic ETC/USD are trading higher by 4.90% to $133.60 and 5.56% to $20.77 Tuesday afternoon. Shares of several altcoins are trading higher on continued upward momentum in cryptocurrencies.

Crypto may be trading higher in sympathy with the broader U.S. market after CPI data for February met analyst expectations. Our Benzinga team reported the headline CPI rose 6% in February, down from 6.4% in January, according to data from the Labor Department.

Crypto may also be higher in sympathy with the broader U.S. market after President Joe Biden Monday morning reassured Americans about the stability of the financial sector on Monday morning following the recent collapse of SVB Financial Group, Signature Bank and Silvergate Capital Corp.

Our Benzinga team reported, in his address, Biden emphasized that all bank customers will have access to their funds.

"All customers who had deposits in these banks can rest assured they'll be protected, and they'll have access to their money as of today, Biden said. "No losses will be borne by the taxpayers. Instead, the money will come out of the fees the banks pay into the deposit insurance fund."

See Also: Biden Addresses FDIC Bank Takeovers: 'The Banking System Is Safe'