Bitcoin erased its weekly losses on Friday, 11, as investors assessed inflation data in the United States, awaited announcements of more stimulus by the Chinese government and monitored the US election scenario.
Bitcoin rose 5.72% in the last 24 hours until 4 pm, to US$62,882.00, according to Binance. At its highest in 24 hours, the cryptocurrency touched US$62,973.47. During the week, the digital currency accumulated a gain of around 0.12%. Ethereum, in turn, gained 3.83%, to US$2,446.13, in one day. And it rose 0.24% in the week.
After suffering from a global risk-off appetite for most of the week, cryptocurrencies were recovering on Friday as investors awaited a news conference by Chinese Finance Minister Lan Foan scheduled for Saturday. More stimulus is expected to be announced.
In the United States, the leadership of Republican candidate and former president Donald Trump, seen as a supporter of the asset class, in the bets for the month's election on prediction platforms such as Polymakert also improved the mood of cryptocurrency investors, as did a restrained reading of the producer price index (PPI) for September in the US.
Analysts at Presto said the CME tool's signaling yesterday, with investors holding onto bets on a 25 basis point cut by the Federal Reserve in November, once again highlighted the market's belief that the central bank currently prioritizes maximum employment over price stability in its rate decisions.
According to CoinDesk, it also helped that Mt. Gox, which was once the largest exchange on the market before being hacked in 2014, was given another year to pay its creditors. The company's wallets still hold 44,900 bitcoins, totaling US$2.8 billion, according to data from Arkham Intelligence.
