Bitcoin Climbs Above $64,000, Tracking Tech Rally to Secure Weekly Gain

Bitcoin climbed above $64,000 on Friday, recovering from earlier losses to head for a weekly gain as a rally in technology stocks boosted broader risk appetite. The leading cryptocurrency rose 1.2% to $64,005.7 in late trading, positioning it for a weekly advance of more than 2%.

Risk-On Sentiment Returns

The rebound followed a broader market rally led by technology shares, with the tech-heavy NASDAQ Composite advancing nearly 2% for the week. This correlation underscores Bitcoin's recent tendency to trade as a high-beta risk asset, moving in tandem with equities during periods of positive market sentiment.

Investor sentiment was also aided by an apparent easing of geopolitical tensions between the U.S. and Iran, which had driven investors toward safe-haven assets earlier in the week, according to market reports. Analysts noted that continued inflows into U.S. spot Bitcoin ETFs have also provided a key layer of support for prices this year.

Altcoins Show Mixed Performance

The broader cryptocurrency market largely followed Bitcoin's upward trend on Friday, though performance for the week was mixed among major altcoins. While some assets gained, others failed to erase earlier losses.

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• Ethereum (ETH): Rose 2.7% to $1,795.14, securing a 2.1% weekly gain.
• XRP: Gained 0.8% on the day but was down 2% for the week.
• Solana (SOL) and Cardano (ADA): Finished the week down 5.2% and 6.6%, respectively.
• Dogecoin (DOGE): Ended the week 4.5% lower despite a modest daily gain.

Circle Secures National Trust Bank Charter

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 the company's shares up 5%.

The charter allows Circle, the company behind the USDC stablecoin, to serve as a custodian for its own reserves and hold digital assets for institutional clients under direct federal supervision. 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."