De-escalation in Middle East tensions ups Dogecoin price

Dogecoin’s DOGE tickers down $0.1164 price climbed alongside the broader crypto after another record high on Wall Street, News.Az reports citing Cointelegraph .

The top reasons behind the risk-on market rally include signs of de-escalation in Middle East tensions, optimism for better-than-expected S&P 500 earnings, and Kamala Harris’s electoral promise to advocate for clear crypto regulations in the United States.

Easing Israel-Iran conflict, S&P 500 earnings optimism boost DOGE

DOGE’s price rose by over 4.5% in the past 24 hours to reach $0.116 on Oct. 15, coinciding with a broader risk-on market rally led by signs of an easing of tensions between Israel and Iran and growing optimism around upcoming Wall Street earnings.

The DOGE price rally coincided with the benchmark S&P 500 index hitting its record highs on Oct. 14 — for the 46th time in 2024.

The broader risk-on market gains further reflect investors brushing off lowered earnings expectations for the S&P 500’s third quarter. Instead, they are positioning for potential upside surprises in the upcoming reports.

Bloomberg Intelligence data shows analysts now expect S&P 500 companies to post a 4.2% rise in third-quarter earnings, down from 7% forecasted in July. However, company guidance suggests earnings could jump by 16%.

Dogecoin’s gains can be credited to this broader market optimism, where investors show renewed risk appetite amid improving sentiment.

Harris promises concrete crypto regulations

DOGE’s market is drawing bullish cues from US presidential candidate Kamala Harris’ latest approach toward cryptocurrencies.

In her speech on Oct. 14, Harris announced her support for a regulatory framework to protect cryptocurrency investors, particularly Black men who invest in digital assets.

News.Az