(Bloomberg) — The top cryptocurrencies gained on Friday as strong earnings from Amazon.com Inc. bolstered confidence in technology stocks, which digital tokens have largely tracked over the past months.
Bitcoin rose as much as 2.9% to $38,043, while Ether rallied as much as 5.6% to $2,810.
Both tokens jumped in Asia’s early afternoon after trading sideways for the last few days.
The major cryptocurrencies have been largely trapped in a range over the past couple of weeks. Their struggle to break out came as growth stocks and other riskier assets faltered amid concern about the impact of imminent Federal Reserve rate hikes and a trend toward tightening of monetary policy globally.
At the same time, the range-bound trading offered some relief for crypto bulls who see it as a sign that the sharp selloff that began in November may be mostly over.
The Nasdaq 100 Index, by comparison, tumbled 4.2% Thursday on dismal results from Facebook parent Meta Platforms Inc.
“Bitcoin continues to consolidate below the $40,000 level,” said Edward Moya, senior market analyst at Oanda, in a note Thursday.
“Bitcoin is forming a base and considering the selloff in tech stocks crypto investors should be feeling a bit more optimistic that the bottom is in.”
Read more: Meta Erases $251 Billion in Value, Biggest Wipeout in History
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
