Bitcoin and Ethereum prices rose overnight. The price hike came after Amazon Inc. presented its strong earnings. The company’s good performance has boosted confidence in technology stocks again. That is also positive for the crypto market, as it has followed the stock market for the past few months.
The crypto market is propelled by strong Amazon performance
The Bitcoin price has risen by about 2.4% in the past 24 hours to a price of $38,000. In fact, Ethereum is up more than 6 percent to a price level of $2,830.
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The crypto market has been struggling in recent weeks. The bearish period was set in motion by stock market concerns about the impact of impending rate hikes and the unwinding of support measures. According to economists, central banks around the world cannot avoid raising interest rates soon if they want to do something about the ever-rising inflation. While the Federal Reserve plans to start this in March, the European Central Bank has not yet announced an interest rate hike.
However, Amazon’s good performance offers some hope for now. Especially after the huge price drop of Meta yesterday. The AMZN share is already +12% in the premarket and this positivity is reflected in the entire tech sector, including the crypto market.
It is now important for BTC to break the resistance around the $39K – $40K zone. Only when this happens will the positivity in the crypto market really return.