By Brian Swint
Cryptocurrencies were making some tentative gains early Monday. The broader market's optimism might be feeding through to digital assets.
The move follows higher-risk technology stocks, which managed to notch gains at the end of last week after some bumpy trading. More broadly, the boost that the market got from Donald Trump's election -- based on optimism about cutting regulation and tax cuts -- has faded, and the S&P 500 is now lower in 2025.
But there's still hope of a turnaround after the correction -- stocks were also headed higher Monday on reports that Trump will narrow the scope of tariffs due to take effect on April 2.
While crypto enthusiasts like to talk about its virtues as digital gold, crypto still trades much more like stocks than any precious metal. That was thrown into relief again as gold topped new highs above $3,000 an ounce last week. Greater uncertainty about the outlook doesn't seem to be prompting traders to treat crypto like a safe haven asset.
Bitcoin, the oldest and largest cryptocurrency, was up about 3% at $86,816 after declining for two consecutive sessions at the end of last week. Ethereum was up 3.3%, and Solana added 5.8%.
XRP, the token used to settle transactions on Ripple's digital-payments platform, added 2.4% in the past 24 hours to trade at $2.46. It surged last week to as high as $2.55 when Ripple's CEO said that regulators had dropped a long-running case against the exchange.
Write to Brian Swint at brian.swint@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
March 24, 2025 04:55 ET (08:55 GMT)
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