Claim BonusThe Impact of Q1 Earnings on Crypto Stocks
Highlights
- Several technology companies report positive Q1 earnings.
- Crypto stocks record a positive outlook in the market.
- Bitcoin bulls look to capitalize on trickling inflows.
Q1 earrings of major tech companies have impacted the price of crypto stocks in recent weeks. The first quarter earnings of several companies showed improved figures after positive macroeconomic factors in the stock market.
Notably crypto stocks rallied as digital assets notched high-flying inflow in the last three months. Crypto stocks are shares of companies whose prices are affected by the price of Bitcoin (BTC), other cryptocurrencies, and developments around the blockchain ecosystem.
Crypto Stocks Rebound on Positive Q1 Earnings
Bitcoin-related stocks are expected to rally based on the high earnings of tech companies and inflows to digital assets. At press time, most crypto stocks have seen outflows this week due to the liquidations recorded in the market. However, the projections for these assets point upward according to most analysts as more reports are recorded.
Meta and Alphabet, the parent company of tech giant Google beat revenue estimates posting improved year-over-year earnings. Commentators say the status quo of tech and Artificial Intelligence firms could spur blockchain-based firms.
This correlation occurs between the stock and crypto market due to macroeconomic factors like inflation and interest rate cuts leading to similar leanings on investors. Recent market flows mean institutional investors have renewed confidence in the market.
Bitcoin and Stocks Soar
A new Zachs’ report shows that Bitcoin was the most performing asset among decentralized forms of money. The asset soared from $40,000 above $73,000 as investors tricked into the space after the approval of spot ETFs.
This led to an accelerated growth in crypto stocks in the last three months. Bitcoin mining stocks also saw growth in that period with firms like Marathon Digital posting double-digit gains. Bitcoin miners recorded gains after the halving event following inflows and macroeconomic factors.
Hut 8 stock stands at $12.30 and trades sideways today while Marathon Digital gained 11.9% this week trading at $19.2. Similarly, popular crypto stock MSTR of MicroStrategy is up 2.94% this week. These stocks continue to move in line with Bitcoin price.
Also Read: 3 Altcoins To Sell Towards The End of April
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