Bitcoin
and other cryptocurrencies were falling Friday after making solid gains during the week.
The price of
Bitcoin
has fallen 1.9% over the past 24 hours to $50,940. The largest crypto had climbed as high as $51,900 this week on the back of strong Nvidia earnings, which lifted investor sentiment and increased appetite for risk assets.
Bitcoin prices have doubled in the past six months, helped by the approval of Bitcoin exchange-traded funds. Stock gains have provided an extra boost as digital assets have benefited from broader optimism in the market. Indexes from the U.S. to Japan have been trading at or near all-time highs.
Nvidia’s
results “no doubt transformed the mood of the whole global risk market,” said Deutsche Bank analyst Jim Reid in a note Friday. “Pretty much every global asset class is influenced” by the big technology stocks these days.
Futures for the tech-heavy Nasdaq were edging lower Friday before the market opened.
Other cryptos also fell Friday.
Ethereum
—the second-largest crypto—declined 3.3% to $2,920.
Cardano
retreated 4.5% and
Polygon
fell 1.5%. Memecoins
Dogecoin
and
Shiba Inu
both dropped more than 2%.
Write to Brian Swint at brian.swint@barrons.com
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