Stocks notch best week since June as Bitcoin holds $19K

Crypto Update
3 Min Read

bitcoin (BTC/USD) traded above $19,200 on Friday afternoon, with bulls looking to take gains after the latest flip from lows at $18,700. There were also minor gains for most of the top 10 altcoins, with Ethereum up 2% and Cardano up 3%.

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Following positive news from the US Securities and Exchange Commission (SEC), XRP was up 4% at the time of writing.

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Stocks Rally as Treasuries Cool

Across Wall Street, shares There were some decent gains amid a reversal that had posted a positive end to the week for US indices. The S&P 500 and Nasdaq each gained more than 2.3%, with the Dow Jones Industrial adding more than 700 points. The indices lost 4.7%, 4.9% and 5.2% for the S&P 500, Dow and Nasdaq, respectively, for the market’s best weekly returns since June this year.

The stock market’s super end for the week came as investors evaluated the possibility of the US Federal Reserve raising its aggressive rate much more quickly than has been hyped in recent months.

TV journalist Susan Lee summarized the various comments in a tweet:

The upside also materialized on Wall Street amid a series of encouraging corporate earnings results, with a return to the Treasury yielding another booster on the day.

But Friday’s gains cannot detract from the fact that 2022 has been a painful one for the country. MarketInflation hit a 40-year high on the back of a massive fall from the Fed.

The current wipeout losses of more than $18 trillion in equities are at a level worse than the pain of the markets of 2008 and 2020.

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