Investing.com– price climbed marginally on Friday, taking some relief from a sharp drop in the dollar, although the outlook for the cryptocurrency remained bleak in the face of high for longer U.S. interest rates.
Traders also remained largely averse towards cryptocurrencies ahead of key nonfarm payrolls data on Friday, which is likely to factor into the outlook for interest rates.
Bitcoin rose nearly 1% in the past 24 hours to $59,070.4 by 08:28 ET (12:28 GMT). The world’s largest cryptocurrency remained close to bear market territory after tumbling over 20% from a record high hit in March.
Dollar drop offers some relief to Bitcoin, but weekly losses on tap
A sharp overnight drop in the gave Bitcoin and other cryptocurrencies some breathing room, although they were still headed for losses this week.
Bitcoin was trading down 6.2% for this week, with traders remaining averse towards crypto in the face of high-for-longer…
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