Figma's stock saw a rise as its earnings once again exceeded expectations, prompting the company to raise its full-year outlook. This has highlighted Figma's strong performance amidst challenging market conditions.
US markets responded favorably, with tech stocks primarily driving gains in major indices. This optimism in tech suggests a greater risk-on attitude, as indicated by the movements in the S&P 500 and the tech-heavy NASDAQ.
Bitcoin and Ethereum may see upward pressure with Bitcoin eyeing resistance around $28,000 while Ethereum targets the $1,800 mark. Positive corporate earnings in tech often correlate with increased interest in crypto as a tech-forward alternative asset.
The current environment reflects a buoyant risk appetite—favorable for Bitcoin as a risk asset. Stablecoins and DeFi platforms may also experience heightened activity as traders seek diverse avenues within the digital space.
Next on the macro radar is the upcoming Federal Reserve meeting. Changes in interest rates could influence crypto volatility, making it a critical event for traders to monitor closely.
The bull case for crypto rests on sustained tech performance and dovish Fed signals encouraging riskier investments. Conversely, any shift to risk-off could dampen enthusiasm, placing downward pressure on crypto prices.