The largest cryptocurrency by market value is up 7.6%, while Ether is up as much as 9% and SOL is up more than 10%
Bitcoin gained the most in more than three months, as investors show signs of renewed risk appetite following a volatile week in financial markets.
The largest cryptocurrency by market value jumped as much as 7.6% to $39,605, the most since Oct. 15. Ether rose up to 9%. Even SOL, the native currency of the Solana blockchain that crashed in the wake of the Wormhole project hack, surged more than 10%.
Major cryptocurrencies gained, as solid earnings from Amazon.com Inc. bolstered confidence in tech stocks, which digital tokens have largely tracked in recent months.
Meanwhile, a report showed US employers extended a hiring spree last month despite a record surge in Covid-19 infections and related business closures, with rising wages adding more pressure on the Federal Reserve to raise interest rates.
“The fact that AMZN’s earnings went the way of AAPL, MSFT, and GOOGL, and not FB, has given investors more confidence to re-engage in risk trading,” said Matt Maley, chief strategist at Miller Tabak Market. + Co.
Major cryptocurrencies have been largely stuck in a range for the past few weeks. The struggle to come out ahead came as growth stocks and other riskier assets faltered amid investor concerns about the impact of impending Fed rate hikes and a worldwide move toward tighter monetary policy.
“While there were concerns about accelerating monetary policy, there is now a sense among many capital markets that a 50 basis point rate hike is not being considered, given recent moves in equity markets,” said Hayden Hughes, director executive at Alpha Impact, a trading firm social media platform. He also cited the $320 million restoration of the Wormhole gimmick and oversold technical levels as mood boosters.
By Audy Castaneda
