Bitcoin reaches weekly high amid cryptocurrency market recovery, dollar stabilizes
Date
8/11/2024 5:46:25 AM
(MENAFN) On Friday, Bitcoin reached a one-week high of USD62,717 before slightly retreating to around USD61,500, marking a 3.3 percent increase for the day and a 4 percent rise for the week. This rebound follows a significant decline in the cryptocurrency market last Monday, which was part of a broader global financial sell-off that resulted in substantial losses across various markets. Bitcoin’s recent performance reflects a broader recovery within the cryptocurrency sector as it stabilizes from the earlier market turbulence.
In the currency markets, the U.S. dollar found stability near its highest level in a week against major currencies, buoyed by the largest decline in U.S. unemployment claims in nearly a year. This data alleviated concerns about a potential economic slowdown. The Chinese yuan also gained strength following a stronger-than-expected inflation reading in China and the setting of the official exchange rate. Meanwhile, the dollar steadied against the Japanese yen after a three-day rally, supported by rising U.S. Treasury yields and reduced expectations of a Federal Reserve rate cut this year due to robust employment data.
The Japanese yen and Swiss franc, typically considered safe havens, remained near one-week lows as Asian stocks enjoyed a rally following positive trading on Wall Street. In contrast, currencies sensitive to economic conditions, like the Australian dollar and the British pound, maintained higher levels. By 0450 GMT, the dollar had decreased by 0.1 percent to 147.08 yen, but still showed a weekly gain of approximately 0.4 percent despite a notable 1.5 percent drop on Monday. Similarly, the dollar fell by 0.1 percent against the Swiss franc to 0.8659 francs, heading for a weekly increase of 1 percent.
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