Bitcoin
rebounded Friday after dropping to its lowest point in three months earlier the week after the Federal Reserve signaled more interest-rate increases could be ahead.
The price of
Bitcoin
has gained 2.7% over the past 24 hours to about $25,570. That’s up after it sank below $25,000 on Thursday, but still lower than the $26,000 to $27,000 range that has dominated for much of the period since the largest digital asset hit a 10-month high above $30,000 in April.
Higher interest rates tend to hurt riskier assets, but stocks have rallied since the Fed’s decision on Wednesday to pause on raising interest rates. Crypto got a boost when
BlackRock
(ticker: BLK), the world’s biggest money manager, filed an application Thursday with regulators to create a Bitcoin exchange-traded fund. It adds credibility to crypto weeks after the Securities and Exchange Commission formally accused exchanges Binance and
Coinbase
(COIN) of trading unlicensed securities.
“BlackRock’s effort to double down on providing their clients with crypto products is a welcoming development as the industry,” said Yuya Hasegawa, a crypto market analyst at Bitbank. “However, the price of Bitcoin failed to fully recover the post-Fed loss.”
Other cryptocurrencies also gained.
Ethereum,
the second-biggest coin, added 2%.
Cardano
rose 2.2%,
Polygon
fell 3.4%,
Dogecoin
rose 1.8%, and
Shiba Inu
was up 2.7%.
Write to Brian Swint at [email protected]
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