Crypto Market Surges, Bitcoin and Ethereum Up Over 3% as Altcoins Follow Suit

On Wednesday, the crypto market experienced a surge in prices, with Bitcoin and Ethereum both gaining over 3%. Altcoins, including Cardano, Solana, Dogecoin, Shiba Inu, BNB, and XRP, also saw increases. However, traders are cautious due to uncertainty surrounding the upcoming inflation report and the Fed's next meeting, as well as the risk of the unwinding of the yen carry trade. A report by Reuters suggests that the yen carry trade could impact over $4 trillion in assets. Despite growing appeal, experts believe that crypto remains one of the first risk assets that traders offload when things go wrong, and it is still too early to expect institutional investors to allocate capital to Bitcoin for the same reasons as gold.