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Bitcoin (BTC) Finds Support from a NASDAQ 100 Friday Rally
Abstract：While finding support from the U.S equity markets on Friday, Bitcoin remains under pressure over an imminent White House executive order.
It was a 2nd consecutive day in the green for Bitcoin (BTC) on Friday. Having reversed losses late in the day on Thursday, the U.S futures delivered strong support going into Friday.
Following a 0.99% gain on Thursday, Bitcoin rose by 1.54% on Friday to end the day at $37,760. The news wires failed to pressure Bitcoin on the day, with the U.S equity markets guiding Bitcoin through the day.
Bitcoin and the NASDAQ
Economic data from the U.S took a back seat on the day, as investors jumped in on the dip. The NASDAQs Friday bounce back was the sharpest of the year, with sentiment towards corporate earnings offsetting concerns over interest rates.
Sentiment from the U.S equity markets spilled over to the crypto markets, supporting Bitcoin on the day.
Elsewhere in the crypto market, Ethereum (ETH) rallied by 5.0%, with Cardano (ADA) and Solana (SOL) also finding support. The gains on the day were modest, however.
From the crypto top 10, Terra (LUNA) continued to struggle, however, tumbling by 7.06%.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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FOREX TODAY: BOC RATE DECISION, UK BUDGET
Wednesday's major data releases and macroeconomic events are expected to cause volatility to increase after another day of erratic trading in the financial markets. The Spring Budget for the UK will be released, and January Retail Sales figures for January will be made available by Eurostat. ADP Employment Change for February and January JOLTS Job Openings will be discussed later in the session on the US economic docket.
FOREX TODAY: AHEAD OF SIGNIFICANT RISK OCCURRENCES, PMI DATA COULD ALERT MARKETS.
Major currency pairings are still trading in familiar ranges early on Tuesday after the erratic trading on Monday. The US economic docket for the American session will include the factory orders data for January and the ISM Services PMI survey for February. Final updates to the February PMI for the US, Germany, the UK, and the EU will also be released by S&P.
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