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Bitcoin (BTC-USD) showed signs of resilience in Friday afternoon trading, bouncing back from the recent “sell-the-news” correction that followed the long-anticipated approval of spot bitcoin exchange-traded funds earlier this month.
The pioneering cryptocurrency surged by 5.2% to $41.8K at 12:24 p.m. ET, although it remains substantially below the $49K threshold it hit a day after the Securities and Exchange Commission greenlit 11 ETFs investing directly in the token.
The positive momentum extended to several major cryptocurrencies, with ether (ETH-USD) rising by 3.2% to $2.27K, cardano (ADA-USD) up by 4.9%, solana (SOL-USD) up by 8%, and dogecoin (DOGE-USD) up by 3%.
Overall, the global crypto market capitalization surged by 5.2% to $1.62T, according to data from CoinMarketCap.
The intraday recovery in crypto prices helped propel the shares of crypto-related stocks. Bitcoin (BTC-USD) miners Riot Platforms (RIOT) rose by 7.3%, Marathon (MARA) by 11.5%, BIT Mining (BTCM) by 11.2%, Bitfarms (BITF) by 12.8%, and CleanSpark (CLSK) by 11.2%. Michael Saylor’s MicroStrategy (MSTR) climbed by 8.6%, crypto exchange Coinbase Global (COIN) by 3.7%, and Mike Novogratz’s Galaxy Digital (OTCPK:BRPHF) by 12.1%.
Early in the week, by January 26, bitcoin (BTC-USD) had dipped below $39K for the first time since early September, as traders’ initial enthusiasm following the approval of spot bitcoin ETFs waned.
