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Seeking Alpha 2022-01-11 16:16:20

Dogecoin, binance coin, polygon tokens rise after a rough week in the red

The cryptocurrency market is shrugging off some heavy losses seen since the onset of 2022, with dogecoin (DOGE-USD) +6%, binance coin (BNB-USD) +8.7%, polygon (MATIC-USD) +15% and NEAR protocol (NEAR-USD) +11.5% taking the lead so far on Tuesday. Bitcoin (BTC-USD +1.0%) and ethereum (ETH-USD +3.7%) make somewhat of a recovery so far during intra-day, holding key technical levels, though still down at least 10% in the past week. Cryptos are rising at a time where other risk assets such as U.S. equities (SP500) are struggling; Gold (XAUUSD:CUR) jumps back over $1.8K per ounce; the trade-weighted U.S. dollar index drifts further below 96, and U.S. Treasury yields (NASDAQ:TLT) are backing off a bit following a plunge in bonds since the start of this year. Specifically, the performance of Dogecoin (DOGE-USD), the 12th largest digital token by market cap, appears to weigh on Robinhood (NASDAQ:HOOD) stock price action given that HOOD users like to trade the meme coin on HOOD's

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