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Bitcoin Climbs Above $64,000, Tracking Tech-Led Market Rally
Bitcoin recovered on Friday to trade above $64,000, positioning the leading cryptocurrency for a weekly gain as a rally in technology shares boosted investor risk appetite.
According to market data from Investing.com, Bitcoin was last up 1.2% to $64,005.7 by 18:00 ET after reaching a session high of $64,673.1. The rebound puts the asset on course for a weekly rise of more than 2%, erasing earlier losses driven by geopolitical uncertainty.
Tech Rally and Geopolitics Drive Gains
The cryptocurrency's recovery closely mirrored gains on Wall Street, where the tech-heavy NASDAQ Composite advanced nearly 2% for the week. Analysts noted that Bitcoin continues to trade as a high-beta risk asset, often moving in tandem with equities during periods of improving market sentiment.
Investor sentiment also improved after tensions between the U.S. and Iran appeared to de-escalate, reducing the flight to traditional safe-haven assets. Despite the rebound, traders are closely monitoring institutional flows into U.S. spot Bitcoin exchange-traded funds, which have been a significant price driver this year.
Broader Crypto Market Performance
AdThe rebound in Bitcoin lifted parts of the altcoin market, though performance for the week was mixed.
- Ethereum (ETH): The second-largest cryptocurrency rose 2.7% to $1,795.14 and was up 2.1% for the week.
- XRP: Gained 0.8% on Friday but remained down 2% for the week.
- Solana (SOL) and Cardano (ADA): Posted weekly losses of 5.2% and 6.6%, respectively.
- Dogecoin (DOGE): Finished the week down 4.5% despite a modest daily gain.
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 on the news.
The new charter allows Circle to serve as a custodian for its own reserves and hold digital assets for institutional clients under direct federal supervision. CEO Jeremy Allaire stated that the approval marks a "defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system."