Bitcoin‘s price experienced a notable rebound on Friday, climbing 4.2% over a 24-hour period to reach $67,006.20 by 02:07 ET (06:07 GMT). This recovery comes after the cryptocurrency fell to approximately $63,000 earlier in the week, amidst a broader market sell-off that impacted risk-driven assets.
The recent decline in Bitcoin was part of a global financial trend where investors offloaded speculative investments, which significantly affected the volatile cryptocurrency sector. However, the trend appeared to moderate on Friday, providing some relief to Bitcoin and other digital assets.
Trump’s Keynote at Bitcoin Conference in Focus
The cryptocurrency market is closely watching for insights from former President Donald Trump, who is slated to deliver a keynote address at the Bitcoin Conference in Nashville on Saturday. Trump has recently expressed a supportive stance towards cryptocurrencies during his campaign, raising expectations that he might continue this pro-crypto rhetoric.
Traders are eager to see if Trump will offer more clarity on regulatory issues facing the U.S. crypto industry. His previous comments have provided some support to Bitcoin, particularly last week when speculation about his potential presidency led to a brief surge in Bitcoin’s value.
However, the political landscape is shifting, with Democratic frontrunner Kamala Harris, who has been endorsed by President Joe Biden, closing the gap with Trump according to recent polls. A Harris presidency might lead to continued regulatory scrutiny of the crypto sector, a concern that has weighed on the market over the past two years.
Marathon Digital Increases Bitcoin Holdings
Marathon Digital Holdings Inc (NASDAQ: MARA), a leading Bitcoin mining company, announced on Thursday that it had acquired $100 million worth of Bitcoin from the open market. The company now holds over 20,000 Bitcoin tokens on its balance sheet and has committed to retaining all mined Bitcoin while continuing to purchase additional tokens.
Altcoins and Market Outlook
In the broader cryptocurrency market, altcoins followed Bitcoin’s upward trend. Ethereum, the second-largest cryptocurrency by market capitalization, saw a 2.9% increase to $3,263.68, marking its first positive session since the introduction of spot exchange-traded funds in U.S. markets earlier this week.
Other altcoins such as ADA, XRP, and SOL recorded gains between 1% and 4.6%. Among meme tokens, DOGE experienced a 4.7% rise. Traders are also anticipating key U.S. inflation data and the upcoming Federal Reserve meeting, which could further influence market dynamics.
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