Bitcoin rebounded on Friday after hovering near the $66,000 mark, reflecting a tentative recovery after earlier weakness, as investors remained cautious amid broader softness in risk assets and ahead of key U.S. inflation data later in the session.
As of 11:09 GMT, Bitcoin was up 1 percent to $66,869, while Ether rose 0.58 percent to $1,957.90
The world’s largest cryptocurrency was recently trading near $65,000 before rising again, but sentiment remains fragile.
For the week, bitcoin is still on track to post a decline of roughly 6 percent, marking what would be its fourth consecutive weekly loss. While prices have steadied after testing support closer to $60,000 last week, the token has yet to establish a convincing and sustained upward trend.
AI concerns drag global markets
Bitcoin’s recent decline coincides with the downward movement recorded across global markets. Risk sentiment dragged Wall Street’s technology stocks lower overnight, while Asian equities also retreated on Friday as broad-based selling dampened investor sentiment.
Concerns over AI-driven disruption resurfaced on Thursday, triggering widespread declines in software and IT shares as investors reassessed how automation and emerging AI tools could pressure traditional business models and revenue streams.
In the U.S. stock market, the tech-focused Nasdaq Composite slid over 2 percent after Cisco Systems reported quarterly adjusted gross margins that fell short of expectations due to rising memory chip costs. The results sent Cisco’s shares plunging over 12 percent, erasing roughly $40 billion from its market capitalization. The company’s shares were last down 0.40 percent in after-hours trading.
Read: Bitcoin trims losses as U.S. jobs growth picks up, trades near $68,000
Market attention turns to U.S. inflation data
Attention now turns to the U.S. Consumer Price Index (CPI) report due later Friday, which is expected to offer clearer signals on inflation dynamics and shape expectations for the Federal Reserve’s next interest-rate moves.
Earlier this week, stronger-than-expected U.S. labor data revealed solid payroll growth and a dip in the unemployment rate, tempering expectations for near-term rate cuts. The report further cooled market optimism, adding to the cautious tone and weighing on trading activity in Bitcoin and other speculative assets.
In line with Bitcoin, most major altcoins rebounded despite the cautious market backdrop. XRP, ranked third by market value, declined 0.2 percent to $1.36. Solana gained 0.1 percent to $80.03, and Cardano edged up 0.2 percent to $0.2636.
Among meme tokens, Dogecoin also rose 0.3 percent
