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Bitcoin Climbs Past $64,000, Tracking Tech-Led Market Rally
Bitcoin recovered to trade above $64,000 on Friday, positioning the digital asset for a weekly gain as a broader market rally led by technology stocks improved investor sentiment and risk appetite.
Risk-On Sentiment Drives Gains
The world's largest cryptocurrency rose 1.2% to $64,005.7 by late Friday trading, after reaching an intraday high of $64,673.1, according to market data. The token is on track for a weekly increase of over 2%, reversing losses from earlier in the week when escalating geopolitical tensions between the U.S. and Iran pushed investors toward safe-haven assets.
The rebound in crypto markets mirrored gains in U.S. equities, where the tech-heavy NASDAQ Composite index advanced nearly 2% for the week. This performance reinforces the view among analysts that Bitcoin is currently trading as a high-beta risk asset, moving in tandem with stocks during periods of improving market sentiment.
Broader Crypto Market Performance
AdWhile Bitcoin and other major cryptocurrencies advanced on Friday, the performance for the week was mixed across the altcoin market. Key takeaways include:
- Ethereum (ETH): The second-largest cryptocurrency gained 2.7% to $1,795.14, securing a 2.1% gain for the week.
- XRP: Rose 0.8% on the day but was down 2% for the week.
- Solana (SOL) and Cardano (ADA): Posted weekly losses of 5.2% and 6.6%, respectively, despite marginal moves on Friday.
- Dogecoin (DOGE): Added 1.5% but remained down 4.5% for the week.
Industry Developments
In other market-moving news, 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 charter allows Circle to serve as a custodian for its own reserves and for institutional clients' crypto assets. Following the announcement, shares in the company (CRCL) ended the day 5% higher.