Federal Reserve (FED) · Bitcoin · CoinDesk
Crypto bulls on firmer footing as U.S. rate-hike risk recedes
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The crypto market is ending the week in a healthier position than where it started, with bitcoin BTC $ 62,612.69 trading at $61,600 after having risen by 6.5% from Tuesday's almost two-year low of $57,750.
Key facts
- The crypto market is ending the week in a healthier position than where it started, with bitcoin BTC $ 62,612.69 trading at $61,600 after having risen by 6.5% from Tuesday's almost two-year low
- Other altcoins also advanced, with ADA $ 0.1779, zcash (ZEC) and dash (DASH) all gaining between 2.2% and 3.1%
- Still, the largest cryptocurrency's gains on Friday were muted in comparison with Thursday's 2.6% advance, which benefited from weak U.S. job data that lowered expectations for a Federal Reserve
- The interest-rate outlook echoed for a second day as the U.S. entered a long weekend with stock markets closed
Summary
Bitcoin recovered to $61,600, up 6.5% from Tuesday's low of $57,750, after weak U.S. jobs data lowered expectations for a Federal Reserve rate hike and lifted Nasdaq 100 futures by 1.9%. Ether dominated the derivatives picture, accounting for $160 million of the $417 million in 24-hour liquidations as heavily bearish positioning was squeezed out, with ETH open interest climbing to its highest since June 10 alongside bullish funding rates and the strongest cumulative volume delta among majors. Uniswap (UNI) was the standout altcoin, surging 11% on doubled trading volume after being confirmed as the primary AMM for Robinhood's layer-2 network, while Solana extended its weekly gain to 17% and AI tokens FET, RENDER and TAO posted modest gains after weeks of selling pressure.