Bitcoin Climbs Above $64,000, Eyes Weekly Gain Amid Tech Stock Rally

Bitcoin rebounded on Friday, rising above the $64,000 level and positioning itself for a weekly gain as a rally in technology shares improved broader market sentiment and increased investor appetite for risk assets.

By 18:00 ET (22:00 GMT), Bitcoin was trading up 1.2% at $64,005.7, having reached an intraday high of $64,673.1, according to data from Investing.com. The move puts the cryptocurrency on track for a weekly advance of more than 2%, erasing losses from earlier in the week that were driven by escalating geopolitical tensions.

Market Drivers and Sentiment

The recovery in crypto markets mirrored gains on Wall Street, where the tech-heavy NASDAQ Composite advanced nearly 2% for the week. Analysts noted that Bitcoin continues to trade largely as a high-beta risk asset, moving in tandem with equities during periods of positive market sentiment.

Investor confidence was also bolstered by an apparent easing of military tensions between the U.S. and Iran, which had previously prompted a flight to traditional safe-haven assets. Traders continue to monitor institutional flows into U.S. spot Bitcoin ETFs, which remain a significant driver of price action this year.

Altcoin Performance Mixed

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While most major cryptocurrencies followed Bitcoin higher on Friday, their performance over the week was varied.

• Ethereum (ETH): Rose 2.7% to $1,795.14, securing a 2.1% gain for the week.
• XRP: Gained 0.8% on the day but was down 2% for the week.
• Solana (SOL) and Cardano (ADA): Posted significant weekly losses of 5.2% and 6.6%, respectively.
• Dogecoin (DOGE): Added 1.5% but finished the week down 4.5%.

Regulatory Milestone for Circle

In a significant industry development, Circle Internet Financial, the issuer of the USDC stablecoin, received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate a national trust bank. The company's shares closed 5% higher following the news.

This federal charter permits Circle to act as a custodian for its own reserves and hold digital assets for institutional clients under direct supervision by the OCC. CEO Jeremy Allaire called the approval "a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system."