Bitcoin was trading in the vicinity of $66,000 on Friday as momentum remained muted and the token looked set to record a fourth straight weekly drop. By 02:24 ET (07:24 GMT) the world’s largest cryptocurrency was last quoted down 1.1% at $66,464.6, having fallen toward lows near $65,000 during the previous session.
Over the week Bitcoin was on track to lose almost 6%, marking a fourth consecutive weekly decline. Price action showed the coin repeatedly failing to build sustained gains after earlier rebounds, with recent activity pulling it back toward support levels near $60,000 registered last week.
Market backdrop and macro drivers
Risk aversion has filtered across financial markets, contributing to subdued trading in speculative assets such as bitcoin. Wall Street technology shares slid overnight and Asian equities also underperformed on Friday, with broader selling pressures weighing on investor sentiment.
Concerns about disruption from artificial intelligence resurfaced on Thursday, prompting widespread declines in software and IT stocks as market participants reassessed how automation and new AI tools might affect business models and revenue generation.
Attention on Friday was fixed on the U.S. Consumer Price Index report, which market participants expect will shed light on inflation trends and the Federal Reserve’s future policy path. Earlier in the week a strong U.S. jobs report showed robust payroll gains and a lower unemployment rate, which reduced expectations for near-term rate cuts and dampened risk appetite across asset classes.
Regulatory and industry developments
The U.S. Commodity Futures Trading Commission has tapped several leading cryptocurrency executives to its newly established Innovation Advisory Committee, signaling an expanding regulatory footprint in digital asset markets. The panel includes Coinbase CEO Brian Armstrong, Ripple CEO Brad Garlinghouse, Robinhood CEO Vladimir Tenev, and Uniswap Labs CEO Hayden Adams.
The committee’s remit covers advising on emerging technologies such as blockchain and artificial intelligence where they intersect with derivatives and crypto markets. The move comes as U.S. regulators work to clarify oversight of digital assets, and the CFTC is widely viewed as likely to play a central role in shaping future rules.
Altcoin performance
Most alternative cryptocurrencies traded lower on Friday alongside bitcoin.
- Ethereum fell 1.3% to $1,944.76.
- XRP declined 1.7% to $1.35.
- Solana eased 2.3% and Cardano moved slightly lower.
- Polygon bucked the trend, jumping 4%.
- Among meme tokens, Dogecoin traded largely flat.
These moves reflected the broader risk-off tone that permeated equity and crypto markets, with investors awaiting fresh inflation data that could influence rate expectations and market liquidity.
Outlook
With the U.S. CPI report due and recent labor-market strength tempering hopes for imminent interest-rate relief, trading in bitcoin and other speculative assets remained cautious. Market participants were watching whether the inflation reading alters expectations for Federal Reserve policy and whether any resulting shifts in risk appetite will provide a clearer directional signal for crypto prices.
Reporting from Marcus Reed.