Story
Bitcoin Climbs Above $64,000, Tracking Tech-Led Market Rally
Bitcoin (BTC) climbed above the $64,000 level on Friday, positioning the cryptocurrency for a weekly gain as a rally in technology stocks bolstered investor risk appetite. The move marks a recovery from losses earlier in the week driven by geopolitical concerns.
Risk-On Sentiment Lifts Crypto
According to data from Investing.com, the world's largest cryptocurrency rose 1.2% to trade at $64,005.7 by 18:00 ET (22:00 GMT), after reaching a session high of $64,673.1. The advance puts Bitcoin on pace for a weekly gain of more than 2%.
The rebound in crypto prices mirrored a broader upswing 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 improving market sentiment. The positive momentum was also supported by an easing of military tensions between the U.S. and Iran, which had previously triggered a flight to safe-haven assets.
Market participants continue to watch institutional demand through U.S. spot Bitcoin exchange-traded funds (ETFs). Consistent inflows into these products have been a key driver for cryptocurrency prices this year, helping to offset macroeconomic and geopolitical volatility.
Altcoins Show Mixed Performance
AdWhile Bitcoin rallied, the performance of other major cryptocurrencies was mixed for the week. The broader altcoin market edged higher on Friday, but several prominent tokens were set to close the week with losses.
- Ethereum (ETH): The second-largest cryptocurrency rose 2.7% to $1,795.14, securing a 2.1% gain for the week.
- XRP: Gained 0.8% to $1.1046 on Friday but was down 2% for the week.
- Solana (SOL) and Cardano (ADA): Were marginally lower and had fallen 5.2% and 6.6% for the week, respectively.
- Dogecoin (DOGE): Added 1.5% on the day but was down 4.5% over the seven-day period.
Circle Secures National Trust Bank Charter
In a significant regulatory 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 news sent shares of the company up 5%.
The new charter allows Circle to serve as a custodian for its own reserves and hold crypto assets for institutional clients under direct federal supervision. "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," said CEO Jeremy Allaire in a statement.