US Stocks Bounce Back, Cryptocurrency Prices Follow Suit

The US stock market closed with a mixed performance on May 12, as major indices showed varying levels of recovery from their session lows.

Despite being down nearly 2% at its lowest point, the Nasdaq Index was able to narrow its losses to 0.7% by the close. The S&P 500 ended the day with a relatively minor decline of just 0.15%, while the Dow Jones Industrial Average managed a small gain.

The rebound in traditional markets had a positive impact on cryptocurrency prices, with Bitcoin (BTC) experiencing a significant climb to $80,800, an increase of over 1% from its session low.

While most crypto-related stocks still closed lower, some notable exceptions emerged, including Hut 8 (HUT), which rose by 4.5%, and Figure (FIGR), which was up by 2.5%. IREN (IREN) and Fold (FOLD) also posted gains of 1.8% and 3.4%, respectively.