Crypto Stocks Soar as SEC Approves Digital Securities, Bitcoin Rallies

The Federal Reserve's interest rate hike failed to rattle investors as crypto-linked stocks surged on Friday. The US Securities and Exchange Commission (SEC) approved digital versions of securities, sending crypto stocks higher across the board.

Coinbase rose nearly 3%, Robinhood advanced 3.6%, and Strategy gained 3.9%. Other crypto-linked companies such as Securitize, Circle Internet Group, Riot Platforms, Galaxy Digital, Hut 8, and Hyperliquid Strategies also posted gains of 2-7%.

The price rally of Bitcoin added fuel to the move, with investors shrugging off the Fed's rate hike. The artificial intelligence trade also showed strength on Friday, with Corning, Intel, Coherent, and Lumentum rising in premarket trading.

However, not all stocks performed well. Netflix dropped 2.8% after Wells Fargo downgraded it to Underweight and cut its price target to $57. Xenon Pharmaceuticals crashed 27% after pausing a drug trial due to neuropsychiatric side effects.