Crypto bulls on firmer footing as U.S. rate-hike risk recedes
Key takeaways
- Still, the largest cryptocurrency's gains on Friday were muted in comparison with Thursday's 2.6% advance, which benefited from weak U.S. job data that lowered expectations for a Federal Reserve interest-rate increase.
- The interest-rate outlook echoed for a second day as the U.S. entered a long weekend with stock markets closed.
- Still, the broader market structure remains bearish across the majority of crypto tokens following a succession of lower highs and lower lows.
Still, the largest cryptocurrency's gains on Friday were muted in comparison with Thursday's 2.6% advance, which benefited from weak U.S. job data that lowered expectations for a Federal Reserve interest-rate increase.
The interest-rate outlook echoed for a second day as the U.S. entered a long weekend with stock markets closed. Ether (ETH) rose for a third straight day to add 11.5% since Tuesday and 2.6% on Friday alone. Other altcoins also advanced, with ADA$0.1685, zcash (ZEC) and dash (DASH) all gaining between 2.2% and 3.1%.
Still, the broader market structure remains bearish across the majority of crypto tokens following a succession of lower highs and lower lows. For bitcoin to reverse the downtrend, it needs to trade back above $67,000 and then take out $81,000, which was the local high in May.