Market highlights: Crypto and tech stocks rise as investors take advantage of low prices
There was a sharp price drop in the cryptocurrency and stock markets that followed the announcement by the US Fed that it shall increase the interest rates in the coming months.
However, the markets seem to have come to terms with the reality, and crypto and stock prices have started rising and have attracted lots of investors wanting to take advantage of the low entry prices.
Crypto market rise
After a significant drop at the beginning of the year, most cryptocurrencies are now green with Bitcoin (BTC) and Ethereum (ETH) leading the way as they try to correct the dip.
Bitcoin and Ethereum have dropped by over 20 % and 30% respectively from their all-time highs set in 2021. The entire crypto market cap saw a drop of about $520 billion.
However, since January 24, the majority of cryptocurrencies have been bullish trying hard to correct the recent drops. Bitcoin, for example, has risen by over 5% and Ethereum has risen by over 13% over the past week.
Avalanche (AVAX) has risen by 11% in the past week and Polygon (MATIC) has risen by 13%. The majority of the altcoins have risen by over 5% since January 24.
Tech stock jumped today
Similar to cryptocurrencies, tech stocks also saw significant drops at the beginning of the year.
In January, Nasdaq 100 index dropped by over 9% while QQQ EFT, an exchange-traded fund, dropped by over 9.5%. One of the other tech stocks that saw major drops include the Ark Invest ETFs.
However, most of the tech stocks are now bullish. For example, Nasdaq is up by over 3%, QQQ has jumped by 3%, ARKK is up 9.5%, Nvidia is up 7.21%, and AMD is up 8.6%.