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Bitcoin Rises Above $62,000, Poised for Weekly Gain on Positive Economic Signals
Summary
Bitcoin's price surpassed $62,000 and is set for a weekly increase, buoyed by softer U.S. jobs data and a return to net inflows for spot Bitcoin ETFs. The recovery follows a recent drop below $58,000.
Bitcoin's price climbed above $62,000 on Friday, positioning the leading cryptocurrency for a weekly gain of approximately 3%. The move marks a significant rebound from a recent low of under $58,000, signaling a potential shift in market sentiment.
The rally is partly attributed to recent U.S. labor market data, which indicated a cooling in employment conditions. This has eased investor concerns about a potential near-term interest rate hike by the Federal Reserve, as lower borrowing costs are generally seen as favorable for risk-sensitive assets like cryptocurrencies.
Another factor supporting the price recovery is renewed interest in spot Bitcoin exchange-traded funds (ETFs). After a 10-day streak of withdrawals, U.S. spot Bitcoin ETFs recently recorded a single-day net inflow of $221.7 million, according to data from SoSoValue, helping to stabilize market sentiment.
AdThis positive momentum comes after a challenging period for the digital asset. Bitcoin experienced a decline of more than 30% during the first half of the year, one of its weakest six-month performances, reportedly due to weakening institutional demand.
The broader cryptocurrency market also saw gains. Ethereum, the second-largest crypto by market cap, rose by over 4%, while other major altcoins including XRP, Solana, and Cardano also posted positive returns.