Cryptocurrency markets added to overnight gains in early U.S. trading on Friday, with Bitcoin It climbed above $68,000, up about 13% since hitting $60,000 late yesterday.
Even with the rebound, Bitcoin is still down 2% in the past 24 hours. ether 3% lower than Solana 5%. XRP outperforms XRP has climbed to $1.47, up 8% from the previous day.
Cryptocurrency-related stocks posted sharp gains on Friday after plunging in the previous session.
Strategy (MSTR) reported a fourth-quarter loss of $14.2 billion on Thursday night. The company’s shares rose 14%, but are still trading at $122, still down 22% year-to-date. Galaxy Digital (GLXY) rose 15% and Bitcoin miner MARA Holdings (MARA) gained 12%.
Among the underperformers on Friday was Bitcoin miner-turned-AI infrastructure provider IREN (IREN), which fell 1.8% after disappointing earnings results Thursday night.
Thaler takes quantum seriously
Those looking for signs of a bottom are pointing to last night’s strategic earnings call, in which Michael Saylor pledged to lead a Bitcoin security initiative to combat quantum threats.
Some in the cryptocurrency community believe that Bitcoin’s security model faces a serious threat from quantum computing—a threat so imminent that many investors are either selling their Bitcoins or refusing to allocate them at all.
“Seiler’s statement tells me that price is finally getting the Bitcoin community to acknowledge and address quantum risks,” Quinn Thompson wrote.
Prepare for a technology rebound
Paul Howard, director of cryptocurrency trading firm Wincent, pointed out that Bitcoin is now back to the price level it was 14 months ago – a technical setup that usually triggers at least a short-term rally.
“It would be strange if we didn’t see at least some short-term pullback,” especially with the RSI showing oversold conditions, he said.
He added that BTC and ETH trading volumes have surged to their highest levels in more than two years and are more than double 2024-25 levels