The value of many cryptocurrencies rose on Friday after several days of decline during which investors got rid of risky assets. Bitcoin rose by 4.7% to $67,799 per coin, and Ethereum by 4.5% to $3,262 per coin. Today, the upward trend continued and at the time of writing, the price of the world’s most popular cryptocurrency was around $68,185 per coin, and one “ether” was given about $3,276.
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Stock markets were up on Friday, with the Nasdaq Composite and S&P 500 indexes surging as the latter suffered its worst trading day since 2022. Coinbase and MicroStrategy shares jumped 4% and 9%, respectively.
The growth of the Bitcoin price was facilitated by the slowdown in inflation in the United States. According to the US Federal Reserve, the growth of prices in June decreased slightly compared to the same period last year. This gives investors hope for a reduction in the base interest rate in September. Investors are also waiting for the continuation of the Bitcoin Conference, which is taking place in Nashville. Today, former US President Donald Trump, who has recently spoken out in support of cryptocurrencies, is expected to speak there.
Despite the fluctuations, the price of Bitcoin has remained virtually unchanged for the week. Meanwhile, Ethereum is ending the week down about 7% as investors have started to dump risky assets, including Bitcoin and Ethereum, amid disappointing quarterly reports from Alphabet and Tesla. The market is also under pressure from ongoing payouts to clients of the bankrupt crypto exchange Mt. Gox and the significant outflows that the Grayscale Ethereum Trust has recently experienced.
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