Crypto Stocks Surge Alongside Bitcoin and Ethereum Rally

Crypto stocks surged on Friday as major cryptocurrencies Bitcoin and Ethereum posted strong gains. The price of Bitcoin rose by 5.7% to $80,941.54, while Ethereum climbed 5.9% to $2,594.32.

Alice Liu, head of research at CoinMarketCap, attributed the increase in cryptocurrency market value to investors already pricing in recent rate hikes by the Federal Reserve and Bank of Japan.

Liu noted that the 'more important question now is how higher funding costs affect positioning.'

Crypto companies such as Coinbase Global jumped 11.2%, while Strategy soared 12.9%. Trading platform Robinhood Markets gained 7.8%.