Cryptocurrency Prices: Bitcoin, Ethereum Rebound On Tech Rally, Easing U.S. Dollar

The crypto market popped amid the stock market’s rally and slight decline of the U.S. dollar, which has been rising sharply in recent weeks. Bitcoin and Ethereum’s rebound led a broader cryptocurrency advance. Bitcoin mining stocks, Bitcoin ETFs and companies heavily invested in crypto also rallied.

In Friday afternoon trading, the Dow Jones Industrial Average rose 1.1%, the S&P 500 gained 1.5%, and the Nasdaq advanced 2.1%, all moving above their 50-day moving averages.

The U.S. dollar, which had leapt to its highest level in two decades, pulled back modestly on Friday. That’s good news for U.S. multinationals and exporters, as well as digital currencies.

Ethereum climbed toward $1,720 during the day, it’s highest price since mid-August. Ethereum is now well above its lows under $1,000 from June as it upgrades its network to a proof-of-stake consensus algorithm.

And Bitcoin bounced above $21,300, giving the broader crypto markets a boost.

Cryptocurrency Prices Heat Map:

Naturally, publicly traded Bitcoin ETFs saw their stock rise with the price of BTC.

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As did bitcoin mining companies, whose prices heavily correlate with the cryptocurrency’s performance. The likes of Marathon Digital (MARA), Riot Blockchain (RIOT), Hut 8 Mining (HUT) and Cleanspark (CLSK) have seen their profitability dwindle as Bitcoin’s price caved.

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Rather than hedging against inflation, Bitcoin’s movements have mirrored tech stocks since the start of the pandemic bull market. And the companies heavily involved in cryptocurrency will breathe a sign of relief as their investments look to turn around.