Shares of several crypto stocks moved higher Tuesday, largely because traders started to get hopeful that the Fed might pivot toward a less aggressive fiscal policy, which would likely help cryptocurrencies and tech stocks.
Shares of crypto exchange Coinbase (COIN -2.88%) were trading nearly 10% higher as of noon ET. Meanwhile, shares of crypto-focused bank Silvergate Capital (SI) were up nearly 6%, and shares of Hut 8 Mining Corp (HUT) were up 8.4%.
The Reserve Bank of Australia surprised investors Tuesday morning when it only increased its benchmark rate by 25 basis points (0.25 percentage points) instead of the 50-basis-point hike that most experts had been expecting. This gave hope to investors that perhaps the Federal Reserve might begin to slow its interest rate hikes soon as well.