Bitcoin price rebounds to $60k after broader risk sentiment improves

From Investing.com
August 9, 2024 02:30 AM:

Bitcoin price rose on Friday, reaching $60,916.2, after a surge in broader risk-driven markets. The token was set for mild weekly gains following a 10% decrease the previous week, with the cryptocurrency recovering losses after hitting $49,000 on Monday amid a market downturn.

The rise in Bitcoin price was attributed to a rally in equities and improved sentiment as fears of a recession eased. Better-than-expected U.S. labor market data and less hawkish comments from Bank of Japan officials also contributed to the positive market sentiment, with a recovery in risk appetite reflected in the weakening Japanese yen.

XRP price fell after a sharp rally as Ripple Labs was fined $125 million in a lawsuit with the SEC. Although the fine was lower than expected, Ripple was required to register any future security sales. The regulatory status of crypto tokens remains uncertain, with potential appeals expected. Despite this, altcoins like Ethereum and Dogecoin surged alongside Bitcoin.

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