After two days of declines during which investors withdrew from riskier assets, cryptocurrency prices increased on Friday.
Coin Metrics reports that ether increased 4.5% to $3,262.76 and that bitcoin was up 4.7% at $67,799.17.
This week saw the worst single trading day since 2022 for the broad-market S&P 500 and the tech-heavy Nasdaq Composite, although both indexes rose sharply.
Friday saw gains of 4% and 9% for Coinbase and MicroStrategy, respectively. When the personal consumption expenditures price index, the Federal Reserve’s favoured inflation measure, revealed that price increases in June were somewhat slower than a year earlier, it cleared the way for the much-anticipated interest rate decrease in September.
This led to a spike in bitcoin prices. Regarding the Bitcoin Conference in Nashville, investors are anticipating the former president Donald Trump’s speech on Saturday, the second day of the conference.
As Trump has presented himself as the pro-crypto candidate in this year’s election, many anticipate that his positive remarks on the subject will increase prices in the near future.
Source (CNBC)
