On Friday, Bitcoin (BTC) continued its upward momentum from Thursday, holding above the $60,000 mark.
This rise marks a significant recovery for Bitcoin, which recently plunged to below $50,000 due to broader volatility in global markets.
Following Thursday’s steady rise, Bitcoin rose over 7%, briefly approaching $62,000 early on Friday before settling at $60,800 at the time of writing.
Some altcoins also made gains, reaching new weekly highs. Ethereum led the way with just over a 10% increase in the last 24 hours, while BNB, Shiba Inu and Bitcoin Cash registered gains of 4.5%, 6% and 7.5% respectively.
Several factors may have contributed to this market rebound, including the inflow of just over $194 million into the spot Bitcoin ETF on August 8.
The influx of new investors and capital likely played a role in boosting the price of Bitcoin, which in turn helped the gains of other cryptocurrencies.
The crypto market is seeing increased support from various industries, with payment firms playing a key role in promoting digital assets.
Binance, the leading cryptocurrency exchange, made headlines today with an update concerning several altcoins on its platform.
The cryptocurrency market faced a sharp decline after President Donald Trump announced new tariffs, triggering a sell-off that wiped out around $509 million in value.
VanEck has taken a bold step by filing for a Binance Coin (BNB) exchange-traded fund (ETF) in Delaware, aiming to introduce the first BNB ETF to the U.S. market.