Crypto Stocks Surge on Strong Gains for Bitcoin and Ethereum

Crypto stocks made significant gains on Friday as Bitcoin and Ethereum rallied sharply. The price of Bitcoin rose 5.7% to $80,941.54, while Ethereum climbed 5.9% to $2,594.32.

The cryptocurrency market's value increase suggests that recent rate hikes by the Federal Reserve and Bank of Japan may have been already priced in, according to Alice Liu, head of research at CoinMarketCap.

Liu noted, 'More important question now is how higher funding costs affect positioning.'

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