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Cryptocurrency prices rose on Friday after two days of declines as investors pulled out of risky assets.
Bitcoin It was last up 4.7% to $67,799.17, according to CoinMetrics. ether It rose 4.5% to $3,262.76.
On the stock market, the tech-heavy Nasdaq Composite Index and the S&P 500 Index, which suffered its worst trading day since 2022 this week, surged. Coinbase and MicroStrategy They rose 4% and 9%, respectively, on Friday.
Bitcoin surges after tough week
Bitcoin surged after the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures Price Index, showed that price increases eased slightly in June from a year earlier, paving the way for a widely expected interest rate cut in September.
Investors are also keeping an eye on the second day of the Bitcoin Conference in Nashville, where former President Donald Trump is scheduled to speak on Saturday. Many expect that any favorable comments from Trump, who has positioned himself in recent weeks as a pro-crypto candidate in this year’s election, could drive prices higher in the coming days.
Still, Bitcoin is little changed this week, while Ether is on track to end the week down 7%.
Tech stocks have tumbled this week after disappointing quarterly results from Alphabet and Tesla, and investors have retreated from risky assets such as Bitcoin and Ethereum.
The market is also in the midst of the Mt. Gox repayment plan, which has led to selling pressure on Bitcoin this month. At the same time, the newly launched Grayscale Ethereum Trust (ETHE) has seen significant outflows compared to inflows into other funds, putting downward pressure on Ethereum prices.