The biggest cryptocurrencies were gaining ground, as Amazon’s gains boosted confidence in technology stocks, which digital currencies have been watching closely in recent months.
Bitcoin was up 2.9% at $ 38,043, while Ether was up 5.6% at $ 2,810. Both cryptocurrencies jumped early in the afternoon in Asian markets following sideways moves in recent days.
Major cryptocurrencies have been heavily trapped in a certain price range for the past two weeks. Their struggle to escape erupted as growth stocks and other more risky assets faltered amid concerns about the impact of the US Federal Reserve’s interest rate hikes and the global monetary easing trend.
At the same time, price trading has provided some relief to crypto bulls, who see it as an indication that the sharp sell-off that began in November may have largely ended. The Nasdaq 100, by comparison, fell 4.2% on Thursday due to the disappointing results of the parent company of Facebook Meta Platforms Inc.
“The price of Bitcoin continues to stabilize below the $ 40,000 level,” Edward Moya, senior market analyst at Oanda, said in a note on Thursday. “Bitcoin is forming a base, and given the sell-off in technology stocks, crypto investors should be a little more optimistic that it will not be lower.”