On Friday, the crypto rally continued with bitcoin BTC reaching its highest price in over a month while the world was grappling with a major IT failure.
The Crypto rises
BTC began rising at $64,000 in the morning U.S. hours, and then broke over $67,000 for the first since June 17. The increase in price was accompanied by high trading volumes of BlackRock’s spot Bitcoin ETF (IBIT). The largest crypto asset was trading at a little over $67,000, up 5.5% in the last 24 hours.
The token outperformed the broad-based digital asset benchmark a data-rapid_p=”13″ data-v9y=”1″ data -ylk=”slk:CoinDesk 20 Index;elm:context_link;itc:0;secs content canvas/a> (CD20), which rose 4.3%. The token’s performance was better than the CoinDesk Index (CD20), a benchmark of digital assets, which rose by 4.3%.
Ethereum’s ether (ETH) reclaimed $3,500, but it underperformed, with only a 3% gain. Cboe’s Friday regulatory documents showed that the first exchange-traded ETH funds (ETFs) will start trading in the U.S. on Tuesday of next week.
The price of crypto currencies fell earlier this week, in line with the decline in U.S. stocks. The rally on Friday came as the major equity indices continued to lose ground.
As of 1 p.m., the tech-heavy Nasdaq Composite fell 0.8% while the S&P 500 dropped 0.6%. ET, gold fell over 2% on the day after hitting a new all-time high earlier in the week.
The crypto experts highlighted the resilience of public blockchains as compared to centralized systems.
Bitcoin is currently trading at the midpoint of an 8-month sideways range between $56,000 and 73,000. In the short term, spot prices may be range-bound, but traders have been positioning themselves for a breakout towards new all-time levels in the run-up to the November elections in the United States, according to a recent market update from digital asset hedge funds QCP. QCP analysts reported strong demand from institutions for December $100,000 Bitcoin call options.
Mads Eberhardt , crypto analyst at Steno Research , expressed a positive view of crypto assets for the second half year, supported by several tailwinds, including the coming U.S. rate cuts, increasing liquidity, regulatory clarity and the rising chance of a more crypto-friendly U.S. government.
