Bitcoin (BTC-USD) prices jumped on Friday, helping give a boost to other cryptocurrencies and cryptocurrency-related stocks. Yahoo Finance's Jared Blecker breaks down the market action.
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Editor's Note: This article was written by Stephanie Mikulic
Video version
Julie Heyman: Bitcoin rises to close the week. Jared Bleeker is here with cryptocurrencies watching us today, but I suspect they are not making up for some of the recent declines.
Jared Blecker: A little bit, fractionally, and let's take a look at the chart here in a second. Bitcoin rose 5.41%. This is the best 24-hour period in weeks.
Here's the six-month chart. This was looking a bit over the top here, and we got a false breakdown. I'm calling it a false one now because we had significant upside momentum from what could have been or what looked like support that looked like it had just been broken. But if you're following the logic here, a false crash is nothing new for Bitcoin, and we're seeing a bull run.
We are seeing continuation and some movement in other Bitcoin-related cryptocurrencies here. Solana rose 6.8%. But in fact, Bitcoin is, unusually, in pole position today.
I want to show you that this year was not about cryptocurrencies. In fact, TRX is the only unstable coin shown in green here. Lots of movement on the downside.
Of course, if you look at last year, the picture is different. Solana rose by 283%.
But let me show you crypto-related stocks as well, and I'll go back to the intraday basis. Cryptocurrency stocks popped significantly today, and you can see that in Galaxy. This amounts to 14%. Bakkt by 11%. Marathon Digital, this works out to 8.79%. The list goes on, and many of them have been underwater all year, so here's a look.
Now, PayPal's exposure to Bitcoin is arguably very low there. This is the only name in green, and it looks much worse for a lot of these other names out there. So just kind of gaining some of that lost territory that we saw.
I also want to get an update on my Bitcoin ETF situation. We have all these spot Bitcoin ETFs. By the way, this forum has more than just Bitcoin ETFs. If you take a look at the top left, you will find that BKCH is actually exposed to blockchain companies. I think it's more tied to cryptocurrency stocks, so that's why you're seeing that a little bit more.
And then we see some of these other technologies — we see some of these other technologies heading to the downside. This is an inverse Bitcoin ETF, which explains what we see there. But overall, a nice day for cryptocurrencies.
Josh Lipton: Jared Blecker, thank you for that. we appreciate that.
