The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Bitcoin (BTC-USD) rallied to a two-week high on Friday, along with other cryptocurrencies.
The surge came despite a Fed rate hike earlier in the week and the failure of the Clarity Act, legislation that would have created a federal framework for the broader digital asset industry.
When the measure failed to advance in the Senate, the Securities and Exchange Commission stepped in on Thursday with a conditional exemption to allow the trading of certain tokenized stocks on blockchains for the next five years.
Bitcoin and other cryptocurrencies moved with resilience even as the Federal Reserve hiked interest rates, with investors anticipating at least one more increase this year.
"Crypto has absorbed a fairly aggressive hawkish repricing without much damage," said Sean Farrell, head of digital assets at Fundstrat on Friday.
The bitcoin price surge on Friday appeared largely technical, as derivatives traders were strongly bullish.
"US spot ETF inflows and short covering helped push it through the psychologically important $80,000 level," wrote Bitget Wallet research analyst Lacie Zhang on Friday.
While bitcoin led the surge, alt-coins ether (ETH-USD), binance (BNC-USD), and solana (SOL-USD) have outperformed over a broader window, gaining 35%, 25%, and 41%, respectively, over the past month, according to Yahoo Finance's AlphaSpace data.
Investors rotated into alternative tokens and other digital assets, such as tokenized versions of Nvidia (NVDA), Tesla (TSLA), and the S&P 500 (SPY) on Friday, helping lift the crypto market capitalization to $2.66 trillion, according to CoinMarketCap.
Strategists have pointed to signs that the cyclical crypto winter may be over, with Compass Point's Ed Engel last week updating platform Coinbase (COIN) to Neutral from Sell, citing "BTC is recovering from a cyclical bottom." (Disclosure: Yahoo Finance has a partnership with Coinbase.)
In August, the token gained roughly 25%. Year to date, the token is down 8%.
Ines Ferre is a senior business reporter for Yahoo Finance.
Click here for the latest technology news that will impact the stock market
Read the latest financial and business news from Yahoo Finance
Eyes on Fed Decision After Bitcoin Trades Near 4-Week Low on Failed Clarity Vote The Wall Street Journal • 3d ago BTC-USD ETH-USD
Eyes on Fed Decision After Bitcoin Trades Near 4-Week Low on Failed Clarity Vote
Bitcoin Is Rallying and Coinbase Is Today’s Best Stock in the S&P 500 Against All the Odds Barrons.com • 19h ago BTC-USD COIN
Bitcoin Is Rallying and Coinbase Is Today’s Best Stock in the S&P 500 Against All the Odds
Bitcoin Rises Above $81,000 as Rate Hike Expectations Ease InvestorsHub • 15d ago BTC-USD MSTR
Bitcoin Rises Above $81,000 as Rate Hike Expectations Ease
New SEC, CFTC rules after CLARITY setback fuel Bitcoin rally TheStreet • 18h ago BTC-USD SOL-USD
New SEC, CFTC rules after CLARITY setback fuel Bitcoin rally
Bitcoin tumbles 4% to $75,000 as hopes of CLARITY Act passage this year fade Yahoo Finance • 3d ago BTC-USD ETH-USD
Bitcoin tumbles 4% to $75,000 as hopes of CLARITY Act passage this year fade
Weekly Wrap: Bitcoin Climbs Back Above $80,000 CryptoProwl • 16h ago BTC-USD ETH-USD
Weekly Wrap: Bitcoin Climbs Back Above $80,000
Bitcoin Under Renewed Pressure as Looming Fed Hike Adds to Woes Bloomberg • 3d ago BTC-USD
Bitcoin Under Renewed Pressure as Looming Fed Hike Adds to Woes
Bitcoin Clawed Its Way Back Over $65,000. Here’s Why—and What to Know Now Investopedia • 2mo ago BTC-USD CRCL
Bitcoin Clawed Its Way Back Over $65,000. Here’s Why—and What to Know Now
Bitcoin breaks $80k as long-awaited CLARITY Act approaches finish line Fortune • 4mo ago BTC-USD ^GSPC
Bitcoin breaks $80k as long-awaited CLARITY Act approaches finish line
Bitcoin Climbs Above $80,000 The Wall Street Journal • 22h ago BTC-USD BLK
