The cryptocurrency market continued to show signs of improvement on Friday as concerns about regulatory and macroeconomic pressures began to subside, prompting dip buyers to step in and take advantage of the lowest crypto prices in months.
Stocks Take Different Turn
Stocks were a different story, as Thursday’s rally fizzled out in the face of economic data dropped on Friday that showed consumers are gaining confidence in the state of the economy, increasing the likelihood of the Fed returning to hawkish rate hikes as soon as July. At the close of markets, the S&P, Dow and Nasdaq all finished lower, down 0.37%, 0.32%, and 0.68%, respectively.
Bitcoin Price Recovery
Bitcoin (BTC) bulls successfully managed to push the top crypto back above $26,000, with data from TradingView showing that after a flash dump to $25,225 near midday, bulls reversed the course of price action to lift BTC to a daily high of $26,592 in the afternoon. The price has since entered into consolidation near $26,400.
BlackRock’s ETF Announcement Boosts Optimism
While the chart data showed weakness, yesterday’s announcement that BlackRock, the largest asset manager in the world, had filed paperwork for a spot BTC exchange-traded fund (ETF) brought fresh optimism to crypto holders, which may have played a part in Friday’s price reversal.
Altcoins Follow Bitcoin’s Lead
Altcoins largely followed Bitcoin’s lead and climbed higher on Friday, with seven tokens in the top 200 posting double-digit gains while those in the red suffered only slight losses.
The overall cryptocurrency market cap now stands at $1.06 trillion, and Bitcoin’s dominance rate is 48.1%.