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

Bitcoin's price recovered to trade above $64,000 on Friday, positioning the digital asset for a weekly gain as a broader rally in technology stocks bolstered investor risk appetite.

Market Drivers and Performance

By 18:00 ET, Bitcoin was trading at $64,005.7, a 1.2% increase for the day, after reaching an intraday high of $64,673.1, according to market data reported by Investing.com. The cryptocurrency is on track for a weekly gain of over 2%, recovering from earlier losses linked to military tensions between the U.S. and Iran that had prompted a flight to safe-haven assets.

The recovery in crypto markets mirrored gains on Wall Street, where the tech-heavy NASDAQ Composite advanced nearly 2% for the week. Analysts note that Bitcoin continues to trade largely as a high-beta risk asset, often moving in tandem with equities during periods of improved market sentiment. A reported easing of geopolitical tensions further supported the shift back into riskier assets.

Altcoin Market Shows Mixed Results

While Bitcoin rallied, performance across the broader altcoin market was mixed for the week. Ethereum, the second-largest cryptocurrency, rose 2.7% on Friday to $1,795.14, tracking Bitcoin's gains for a weekly increase of 2.1%.

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However, other major tokens posted weekly losses, according to the source:

• XRP: Down 2.0% for the week, despite a modest daily gain.
• Dogecoin (DOGE): Down 4.5% for the week.
• Solana (SOL): Down 5.2% for the week.
• Cardano (ADA): Down 6.6% for the week.

Circle Gains Federal Approval for Trust Bank

In a significant regulatory development, stablecoin issuer Circle Internet Financial received final approval from the U.S. Office of the Comptroller of the Currency (OCC) to operate a national trust bank. The news sent shares of the company (CRCL) up 5% on Friday.

The federal charter allows Circle to act as a custodian for its USDC reserves and hold digital assets for institutional clients under the direct supervision of the OCC. "OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system," CEO Jeremy Allaire said in a statement.