Bitcoin Rebound Stalls at $65K as Stocks Fall and Gold Rises
TL;DR
Bitcoin's rebound stalled near $65,000 as stocks fell and gold rose, with the cryptocurrency dropping over 3% amid market volatility and a lack of fresh catalysts. Other major cryptos like Ethereum and Solana also declined, while some crypto stocks suffered heavy losses.
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After peaking above $69,000 on Wednesday and suggesting a potential rebound for the leading cryptocurrency, Bitcoin dropped more than 3% on Friday to nearly $65,000 as stocks dipped and gold enjoyed a 1.4% bump.
The S&P 500 has fallen 0.7% and the Nasdaq has slipped 1.15% since the New York opening bell on Friday.
At the time of writing, Bitcoin was changing hands for $65,222 and has lost 3.5% compared to the same time last week, according to crypto price aggregator CoinGecko.
The world's largest cryptocurrency by market capitalization has been trading for nearly half its all-time high price of $126,080 for the better part of the past week.
Bitcoin had a bumpy week, starting with a sell-off Monday. There was more turbulence mid-week as President Donald Trump's 10% global tariff went into effect, but a brief window of relief as Nvidia's earnings steadied tech stocks and crypto markets alike.
"After reaching the $70K psychological level, upside momentum faded," analysts at Tokyo-based crypto exchange Bitbank wrote in a note shared with Decrypt. "Since Thursday, in the absence of fresh catalysts, BTC has traded in a narrow range in the mid-to-high $60K area."
Other major cryptocurrencies have fallen in line with Bitcoin, with Ethereum dropping more than 5% on the day to $1,918, while XRP is down about 4% to $1.35 and Solana has dipped over 5% to $81.50.
The price of gold, however, has ticked up to $5,268 as investors seek safe haven assets. Meanwhile, crypto stocks have taken a beating, with some falling much harder than indices indicate.
CoreWeave (CRWV), a Bitcoin mining firm turned AI-native cloud computing provider, had dropped 21% to $76.92 at the time of writing.
On Friday morning, analysts at Macquarie dropped their price target for the firm. They explained in a note shared with Decrypt that the company missed on its earnings and needs substantial investment before it can bring additional compute resources online.
"Execution at this scale could be choppy," they added, dropping their price target for the stock from $115 to $90.
Ethereum treasury giant BitMine Immersion Technologies has seen its shares drop 7.3% in the past day, falling to $18.95. The company holds 4.42 million ETH that's worth approximately $8.2 billion at the time of writing. And its Ethereum treasury competitor, Sharplink, has seen its shares drop 6.7% to $6.73. SBET currently holds over 863,000 ETH, which is worth approximately $1.6 billion at current prices.
Meanwhile, Jack Dorsey's payments processor, Block Inc., has seen its shares buck the crypto stock trend. Block, which trades under XYZ, has gained nearly 15% since the opening bell after the company announced that it has cut 40% of its staff in a pivot to rely more on AI.