Investing.com – Bitcoin's price is higher today, following a rally in the broader risk-driven market. As data on the U.S. labor market helped ease concerns about an impending recession, altcoins are also rising.
It rose nearly 7% to $60,916.2, but pared some gains after rising to $61,712.3 earlier.
The token is still at a level where it is making small weekly gains after falling more than 10% in the previous week.
The world’s largest cryptocurrency has recovered most of its losses this week, after falling to $49,000 on Monday amid a broader financial market meltdown.
Bitcoin Price Rises on Recession Fears, Lower Interest Rates
The token continues to move in line with the broader market recovery. The stock market in particular, as better-than-expected weekly jobless claims data helped fuel bets that the U.S. economy is slowing. And that’s not as soon as initially feared.
Recession fears have decimated risk-driven assets throughout the past week and the first half of this week. It has also been spurred by data showing a sharp decline in
Dovish comments from Bank of Japan officials also helped support demand for riskier assets. The central bank raised interest rates and signaled further increases at its meeting last week.
Bank of Japan officials said the bank would not raise interest rates during a period of market volatility. This helps improve confidence. The losses in the Japanese yen also pointed to a recovery in risk assets.
Cryptocurrency Prices Today: XRP Slows, Altcoins Rise
The overall crypto market fell after a sharp rally in the previous session as token maker Labs was fined $125 million in a lengthy lawsuit with the Securities and Exchange Commission.
Although the fine is only a fraction of the $2 billion the SEC is seeking, the ruling still leaves Ripple required to register additional securities sales.
The lawsuit also does not answer regulatory questions about whether cryptocurrencies qualify as securities, and the SEC is expected to appeal a previous ruling accusing Ripple of selling XRP to investors who are not qualified to sell securities.
Aside from XRP, other altcoins were generally higher with Bitcoin, the world’s second-largest token, rising 10.6% to $2,681.80.
Side and Ethereum rose 1.5% and 3.6% respectively, while Meme tokens rose 4.7%.
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