Wall Street witnessed a turbulent week as tech stocks took investors on a wild ride that heavily impacted market indices and cryptocurrencies as well, highlighting the continued influence of the sector on the market’s overall performance.
Meanwhile, Ethereum ETFs officially began trading, triggering surprising fluctuations in the price of Ether, and talks between Wiz and Alphabet came to an unexpected halt.
Stay informed on the latest developments in the tech world with the Investing News Network’s round-up.
The S&P 500 advanced 0.03 percent at the opening bell, and the Nasdaq Composite gained 0.06 percent, but both had moved back down by the end of the day, losing 0.51 and 0.93 percent respectively. Meanwhile, small-cap stocks rose throughout the week again as investors deviated away from the mega-caps as the day progressed.
Bitcoin had an optimistic start to the week, climbing to above US$68,000 on Monday, but fell as the day went on, and Ether followed a similar trajectory as it fell below the US$3,500 mark. Tuesday ushered in more fluctuations as Spot Ether ETFs began trading. Ether spiked to US$3,529 in Tuesday’s early morning hours, but pulled back by the end of the day.
While both Bitcoin and Ether continued to drop early Thursday, with Ether falling to below US$3,100, they both saw some recovery as the day went on. However, Ether’s recovery, which brought it back above US$3,240, was more muted than Bitcoin’s, which managed to climb back above US$66,000.
As for Friday, both cryptos climbed higher, with Bitcoin’s price trading near US$68,000 and Ether’s rising to around US$3,280. Ultimately, Bitcoin ended the week higher than it started, but Ether was down over 6 percent from Monday.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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