The Daily Breakdown takes a look at the crypto rally leading risk-on assets higher, while oil enjoys a fresh breakout to multi-year highs.

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What’s Happening?

Cryptocurrencies helped lead yesterday’s rally — and are trying to extend those gains this morning — as Bitcoin jumped 6.4% to a one-month high, Ethereum climbed 7.3%, and Dogecoin rallied more than 10%. That strength helped lift US stocks, too: the S&P 500 gained 0.8%, the Nasdaq 100 rose 1.5%, and the Russell 2000 rallied 1%.

Mixed Reactions

The recent round of volatility has hit some…