Bitcoin grew significantly in a few days, regaining the level of $ 64,000

According to cryptocurrency analysts, the recent rise in the price of bitcoin is due to expectations of Fed policy easing and a slowdown in job growth. Experts say that with the launch of the bitcoin ETF, Wall Street has gained direct access to the crypto market and now the coin moves along with speculative assets, reacting to macro data and statements from the regulator. BTC $65,755.33 Bitcoin -0.33% Market capitalization $1.3 trillion VOL. 24 hours $0.6 billion rose after the publication of a report showing a smaller-than-expected increase in US employment. This renewed investors' expectations that the Fed would cut interest rates, which increased the attractiveness of speculative assets.

The rally helped to offset most of the losses in the crypto market registered earlier this week amid fears that Fed officials were adopting a tougher stance and that demand for exchange-traded funds was declining.

«This week, we realized that bitcoin is at its all-time high, and the emergence of bitcoin ETFs essentially opens up Wall Street’s access to the bitcoin market like never before ,» said FRNT Financial CEO Stefan Velett. «Previously, there were no obvious correlations with other assets, but this week, especially on Tuesday evening before the US Federal Reserve’s announcement, it was clear that the main cryptocurrency was trading on par with conventional risky assets.»

On Friday, bitcoin rose by about 7% to $ 62,937, which helped the growth of Ethereum, Solana, and even meme coins such as Dogecoin. At the time of writing, the market leader is trading at $ 64,179.

As a reminder, on May 1, bitcoin fell to $ 56,527, the lowest level in the last two months, and investors withdrew a record $ 564 million from US exchange-traded funds. The prospect of rising interest rates for a relatively long period also put pressure on the cryptocurrency market.