Bitcoin, Ether advance as Amazon share surge buoys tech stocks

The top cryptocurrencies gained on Friday as strong earnings from Amazon.com Inc. bolstered confidence in technology stocks, which digital tokens have largely tracked over the past months.

Bitcoin rose as much as 3.4% to $38,221, while Ether rallied as much as 7.1% to $2,850. Both tokens jumped in Asia’s afternoon after trading sideways for the last few days.

The big cryptocurrencies have been largely trapped in a range over the past couple of weeks. Their struggle to break out came as growth stocks and other riskier assets faltered amid investor concern about the impact of imminent Fed rate hikes and a trend