Investing.com– Bitcoin price jumped higher on Friday, tracking a surge in broader risk-driven markets as positive U.S. labor market helped soothe some concerns that a recession was imminent, with altcoin prices also rallying.
rose nearly more than 4% to $60,588.0, paring some gains after rising as far as $61,712.3.
The token was also set for mild weekly gains after an over 10% tumble in the prior week.
The world’s biggest cryptocurrency recouped a bulk of its losses this week, having slumped as far as $49,000 on Monday amid a broader market rout.
Bitcoin price up as recession, rate hike fears ease
The token tracked a rally in broader markets, especially equities, as better-than-expected weekly data fueled bets that a U.S. economic slowdown was not as imminent as initially feared.
Fears of a recession had battered risk-driven assets through last week and the first half…
Read More
