Investing.com — recovered on Friday, climbing above $64,000 and getting back on course for a weekly gain, as traders shrugged off geopolitical concerns and a rally in technology shares lifted risk appetite across global markets.
The world’s largest cryptocurrency was last up 1.2% to $64,005.7 by 18:00 ET (22:00 GMT), after climbing to as high as $64,673.1 earlier in the session.
Bitcoin was set for a more than 2% weekly rise, having recovered losses suffered earlier in the week when escalating military tensions between the U.S. and Iran rattled financial markets and triggered a flight to safe-haven assets.
Get premium crypto market insights with InvestingPro subscription
Tech rally provides support; traders watch Iran tensions
Sentiment improved after U.S. President Donald Trump said Iran had reached out seeking a deal, easing fears of a broader regional conflict, while crude oil prices retreated from recent highs.
The cryptocurrency’s recovery mirrored gains on Wall Street, where technology shares led a broad market rally overnight, which then extended into Friday. The tech-heavy eventually advanced nearly 2% for the week.
Despite the rebound, traders remained cautious as developments surrounding the U.S.-Iran conflict continued to dominate market sentiment.
Trump had earlier declared that the interim understanding with Tehran was over following renewed hostilities, before later indicating Iran had reached out to negotiate. Meanwhile, chief mediators Oman and Pakistan called for calm and a return to negotiations.
Market participants are also monitoring institutional demand through U.S. spot Bitcoin exchange-traded funds, which have remained a key driver of cryptocurrency prices this year.
Continued inflows into the products have helped offset periods of macroeconomic uncertainty and geopolitical volatility.
Analysts said Bitcoin continues to trade largely as a high-beta risk asset, moving in tandem with equities during periods of improving market sentiment. A sustained easing in geopolitical tensions, coupled with resilient demand for technology stocks, could provide further support for cryptocurrencies.
USDC issuer Circle wins federal approval for national trust bank, shares jump
received final approval from the U.S. Office of the Comptroller of the Currency (OCC) on Friday to operate a national trust bank, a regulatory milestone that helped shares of the stablecoin company end 5% higher.
The charter permits the USDC stablecoin issuer to serve as custodian for its own reserves and to hold cryptocurrency assets on behalf of institutional clients.
“OCC approval to establish Circle National Trust marks a defining step in bringing blockchain technology and digital assets into the core of the U.S. financial system,” said CEO Jeremy Allaire.
The company said the new trust bank will operate under direct federal supervision by the OCC, which serves as the primary regulator for national banks and trust institutions.
Crypto price today: altcoins mostly tick up, but mixed bag for the week
Broader crypto prices largely edged higher on Friday, tracking Bitcoin’s rebound. However, altcoins were headed for a mixed weekly performance.
World no.2 crypto rose 2.7% to $1,795.14, and was up 2.1% for the week.
World no. 3 crypto gained 0.8% to $1.1046, but was down 2% for the week.
and were marginally lower, and had fallen 5.2% and 6.6% for the week, respectively.
Among meme tokens, added 1.5%, but was 4.5% lower for the week.
Vahid Karaahmetovic and Anuron Mitra contributed to this article