The value of many cryptocurrencies rose on Friday after several days of decline, during which investors dumped risky assets. Bitcoin rose 4.7% to $67,799 per coin, and Ethereum rose 4.5% to $3,262 per coin. Today, the upward trend continued and at the time of writing this note, the price of the most popular cryptocurrency in the world was around $68,185 per coin, and for one “ether” it was about $3,276.
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The Nasdaq Composite and S&P 500 indices rose on Friday in the stock market, which during the week experienced its worst trading day since 2022. Coinbase and MicroStrategy stock prices jumped 4% and 9%, respectively.
The growth in the value of Bitcoin was facilitated by the slowdown in inflation in the United States. According to the US Federal Reserve, price growth in June decreased slightly compared to the same period last year. This gives investors hope that the base interest rate will be cut in September. Investors also expect the continuation of the Bitcoin Conference event, which takes place in Nashville. Today they are expecting a speech by former US President Donald Trump, who has recently spoken out in support of cryptocurrencies.
Despite the exchange rate fluctuations, the cost of Bitcoin remained virtually unchanged over the week. At the same time, Ethereum ends the week with a loss of approximately 7% of its value. This is due to the fact that, against the background of disappointing quarterly reports from Alphabet and Tesla, investors began to get rid of risky assets, including Bitcoin and Ethereum. The market is also under pressure amid ongoing payments to customers of the bankrupt crypto exchange Mt. Gox and the significant outflow of funds that the Grayscale Ethereum Trust recently experienced.