Why Dogecoin Is Jumping Today
Key Points
One of the Federal Reserve's two Vice Chairs addressed her work to create rules that will allow for the use of stablecoins in banking.
Vanguard will now allow crypto ETFs to trade on its brokerage platform.
- 10 stocks we like better than Dogecoin ›
Dogecoin (CRYPTO: DOGE) is up 9.7% in the last 24 hours as of 3:27 p.m. ET on Monday, outpacing Bitcoin's 8.2% gain. Stocks are also rising, with the S&P 500 up 0.3% and the Nasdaq Composite up 0.7%.
Dogecoin recovered much of yesterday's loss as the cryptocurrency market reacted to a number of bullish developments.
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Regulators are moving forward with stablecoin rules
Speaking to the House Financial Services Committee yesterday, Federal Reserve Vice Chair Michelle Bowman said she would work to create rules for stablecoins in the banking system. While she emphasized it was her duty to ensure the "safety and soundness" of the financial system, she said that she would "encourage innovation in a responsible manner."
Vanguard allows crypto ETFs
In a policy reversal, Vanguard said that beginning today, clients could trade crypto ETFs and mutual funds on its platform. The announcement stands in contrast to the bearish stance the asset manager has toward crypto, viewing them as too speculative for serious portfolios.
Image source: Getty Images.
Dogecoin is risky
I tend to agree with Vanguard's view, especially for coins like Dogecoin. While Bitcoin and Ethereum are worth owning for risk-tolerant investors, Dogecoin is a meme coin; its value is entirely based on speculation and hype. I would not own it.
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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool has a disclosure policy.
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