Bitcoin surges above $27,000. Cryptos walk on water with Fed in Focus.

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Bitcoin and other cryptocurrencies were broadly higher early Friday, regaining some lost ground during the week. They rose alongside other risky assets, with market attention on the US jobs report and its implications for Federal Reserve monetary policy.

Bitcoin is up 1% in the past 24 hours to $27,106. The biggest cryptocurrency briefly dipped well below $27,000 overnight before regaining its footing, but remains within the relatively narrow band established in May after falling back from the level of…

Bitcoin and other cryptocurrencies were broadly higher early Friday, regaining some lost ground during the week. They rose alongside other risky assets, with market attention on the US jobs report and its implications for Federal Reserve monetary policy.

Bitcoin is up 1% in the past 24 hours to $27,106. The biggest cryptocurrency briefly dipped well below $27,000 overnight before regaining its footing, but remains within the relatively narrow band established in May after falling back from above $30,000.

Over the past few weeks, digital assets have been treading water. The asset class’s total market capitalization hovered around $1.2 trillion as regulatory developments in the United States continued to dominate the headlines, wrote Carsten Menke of Swiss bank Julius Baer. in a research note.

The next catalyst will likely be the Fed’s rate decision in June. Inflation-fighting rate hikes have been a drag on crypto, hitting risky assets. Traders are largely pricing in a pause in rate hikes at the June meeting, but with uncertainty over whether hikes will resume thereafter.

Beyond Bitcoin, Ether, the second-largest crypto, rose 1.6% to $1,886. Smaller cryptos, or altcoins, were also rising, with Cardano up 2.1% and Polygon up 1.4%. Dogecoin gained 0.8%.

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Write to Adam Clark at [email protected]

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