Cryptocurrencies, notably Bitcoin (BTC), surged on Friday, with Bitcoin hitting the $60,000 mark. The market was supported by robust advances in traditional markets, including Bitcoin, which recovered from a 1% decline to $57,600 after MicroStrategy announced its purchase of 18,300 BTC for $1 billion.
Ethereum’s ether price increased by 2.7%, while crypto analytics firm IntoTheBlock reported that Ethereum’s fee revenue increased by roughly 60% in the last week as a result of blockchain activity.
The price action occurred while US equities rose, with the S&P 500 less than 1% from its July record high. Gold continues to set new highs, surpassing $2,600 per ounce for the first time ever. The decrease in the US dollar against key currencies aided the advance across asset groups.
Bitcoin’s surge may have more fuel in the tank, according to its daily cycle analysis, which indicates that prices move in waves with a particular frequency between local peaks and troughs. The Federal Open Market Committee’s (FOMC) meeting next week is projected to be the Fed’s first interest rate drop since 2020.
Despite the likelihood of easier monetary policy, concerns of a recession weigh on the market, according to crypto investment firm Ryze Labs. If the US economy remains resilient and avoids a recession, risk assets will likely continue to rise.
