Cryptocurrency prices rose on Friday after two days of losses as investors fled risk assets.
Bitcoin It was last up 4.7% at $67,799.17, according to Coin Metrics. ether It rose 4.5% to $3,262.76.
In the stock market, the technology-heavy Nasdaq and the broader S&P 500 soared, suffering their worst single-day trading since 2022 this week. Coin Library and micro strategy They rose 4% and 9% respectively on Friday.
Bitcoin gains to end tough week
Bitcoin surges after the Personal Consumption Expenditures Price Index, the Fed’s preferred inflation gauge, showed rising prices Slight slowdown in June Compared with a year ago, this paves the way for a widely expected interest rate cut in September.
Investors are also looking ahead to a Bitcoin conference in Nashville the next day, where former President Donald Trump is expected to speak on Saturday. Many expect Trump’s favorable comments on cryptocurrencies – Trump has in recent weeks portrayed himself as a pro-cryptocurrency candidate in this year’s election – could push prices higher in the coming days.
Nonetheless, Bitcoin is little changed this week, while Ethereum is set to lose 7% on the week.
Technology stocks plunged this week on disappointing quarterly results from Alphabet and Tesla, with investors dumping risk assets such as Bitcoin and Ethereum.
The market is also in Ongoing Mt. Gox repayment plan This has led to selling pressure on newly launched Bitcoins this month Grayscale Ethereum Trust (ETHE) The fund saw significant outflows compared to inflows from other funds, which put downward pressure on the price of Ethereum.
