Bitcoin Rises Above $64,000, Pacing for Weekly Gain Amid Tech Rally

Bitcoin climbed above the $64,000 mark on Friday, recovering from earlier losses to head for a weekly gain. The rally was largely driven by a broader improvement in market risk appetite, which was fueled by a strong performance in technology stocks.

By 18:00 ET (22:00 GMT), Bitcoin was trading at $64,005.7, a gain of 1.2% for the session, according to data from Investing.com. The cryptocurrency reached an intraday high of $64,673.1 and was on pace to finish the week with a gain of more than 2%.

Risk Appetite Returns

The cryptocurrency's recovery 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 positive market sentiment.

Investor confidence improved after a week marked by geopolitical concerns. A flight to safe-haven assets early in the week subsided as military tensions between the U.S. and Iran appeared to ease, contributing to the rebound in riskier assets like cryptocurrencies. Continued institutional demand via U.S. spot Bitcoin exchange-traded funds has also been a key driver of prices this year, helping to absorb selling pressure during periods of market volatility.

Altcoin Performance Mixed

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The broader cryptocurrency market saw mixed results, with most alternative coins tracking Bitcoin's gains on Friday but showing varied performance over the week.

• Ethereum (ETH), the second-largest cryptocurrency, rose 2.7% to $1,795.14, securing a 2.1% weekly gain.
• XRP gained 0.8% on the day but was still down 2% for the week.
• Solana (SOL) and Cardano (ADA) were down 5.2% and 6.6% for the week, respectively.
• Dogecoin (DOGE) added 1.5% on Friday but ended the week with a 4.5% loss.

Regulatory Milestone for Circle

In a related 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 stated the charter will allow it to hold its own reserves and custody digital assets for institutional clients under direct federal supervision. Following the announcement, shares of Circle closed 5% higher.