Investing.com — Bitcoin prices rose on Friday, recouping some of this week's losses as cryptocurrency markets awaited a speech by Republican presidential candidate Donald Trump at the Bitcoin Conference this weekend.
The index rose 4.2% over the past 24 hours to $67,006.2 as of 02:07 ET (06:07 GMT), recovering from lows of around $63,000 hit earlier in the week.
Bitcoin was caught up in a wave of selling pressure across global financial markets, which saw investors dump risky assets. This risk-averse trend was particularly detrimental to cryptocurrencies, given the highly speculative nature of the sector.
But this risk-averse trend seemed to soften somewhat on Friday.
Trump Prepares to Deliver Keynote Address at Bitcoin Conference
Trump is scheduled to appear as a keynote speaker at the Bitcoin Conference in Nashville on Saturday, and his appearance comes after the former president adopted a largely pro-cryptocurrency tone in his recent campaign efforts.
Cryptocurrency traders will be watching closely to see if he maintains this rhetoric during the speech and whether he will offer plans for greater regulatory clarity in the US cryptocurrency industry.
Speculation about a Trump presidency gave Bitcoin some strength last week, especially as the Republican candidate was seen leading in approvals after a failed assassination attempt.
But Democratic front-runner Kamala Harris, who received an endorsement from President Joe Biden after he dropped out of the race, appears to be narrowing the gap with Trump, polls showed this week.
Harris' presidency is expected to potentially continue the government's regulatory crackdown on cryptocurrencies, which has roiled the industry over the past two years.
Marathon Digital buys $100 million worth of Bitcoin
Marathon Digital Holdings Inc (NASDAQ:), one of the largest Bitcoin miners in the United States, said on Thursday that it had purchased $100 million worth of Bitcoin on the open market and held more than 20,000 Bitcoin tokens on its balance sheet.
The miner also promised to keep all of his mined Bitcoin and that he will also buy more tokens on the open market.
Cryptocurrency price today: Altcoins rise, more macro signals expected
Among the broader cryptocurrency markets, altcoin prices followed a Bitcoin rally, with traders also awaiting key US inflation data and a Federal Reserve meeting in the coming days.
The world's No. 2 token rose 2.9% to $3,263.68, recording its first positive session since the launch of spot exchange-traded funds on U.S. markets this week.
and increased between 1% and 4.6%, while among meme tokens, they added 4.7%.
