Investing.com– Bitcoin rose on Friday, recovering a small measure of recent losses as a drop in U.S. Treasury yields and oil prices aided risk-driven assets.
But the world’s largest crypto was still headed for a second straight week of losses, as a historical trend of strength in October– dubbed “uptober”– failed to materialize amid a storm of negative factors.
Bitcoin rose 1.9% to $82,130.1 by 01:48 ET (05:48 GMT). It had briefly dropped below $80,000 in the prior session, before being lifted by some bargain hunting.
Broader crypto prices also advanced on Friday amid some recovery buying, especially after U.S. Treasury yields marked two straight days of deep losses.
Markets largely retained bets that the Federal Reserve will hike interest rates again this year. But yields fell as a dire rout in technology and
Bitcoin headed for second straight week of losses
Bitcoin was trading down about 0.9% this week, its second straight week of losses.
The world’s largest crypto also lost over 2% so far in October, as the uptober trend failed to materialize for a second year running.
Bitcoin was hit by a storm of headwinds this month, including soaring yields and oil prices, as well as renewed capital outflows from its spot exchange-traded funds.
The negative trends spurred some profit-taking after Bitcoin logged stellar gains in the second quarter.
Spot Bitcoin ETFs were also headed for a second week of outflows, SoSoValue data showed, with about $146.2 million in outflows so far this week.
A major selldown in high-flying technology and artificial intelligence stocks also spilled over into crypto markets this week, as the sector was battered by the prospect of higher U.S. interest rates.
Bets on a rate hike were boosted by hot inflation prints for September. Higher rates bode poorly for speculative, risk-heavy sectors like crypto.
Crypto price today: altcoins rise but head for weekly losses
Broader crypto prices recovered tracking Bitcoin, but were also set for losses this week.
World no.2 crypto Ether rose 3.6% to $2,442.72, and was down nearly 2.6% this week.
XRP rose 2.3%, while Solana and Cardano added 3.6% and 4.3%, respectively, on Friday. The three were down between 3.8% and 8% this week.
BNB rose 1.7% on Friday. Among memecoins, Dogecoin and $TRUMP rose 3.4% and 4.3%.
Original Article
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