Cryptocurrency prices rose on Friday after two days of losses as investors fled risk assets.
Bitcoin It was last up 4.5% at $67,720.83, according to Coin Metrics. ether Up 4% to $3,248.25.
On the stock market, the tech-heavy Nasdaq and the broader S&P 500, which suffered its worst day of trading since 2022 this week, rose. Coin Library and micro strategy They rose 7% and 10% respectively on Friday.
Bitcoin gains to end tough week
Bitcoin surged after the personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, showed price gains slowed slightly in June from a year ago, paving 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 8% 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 remains in the midst of the ongoing Mt. Gox repayment plan, which has contributed to selling pressure on Bitcoin this month, while the newly launched Grayscale Ethereum Trust (ETHE) has seen significant outflows – matching inflows from other funds. Ratio – This puts downward pressure on the price of Ethereum.
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