Bitcoin rose on Friday in a positive zone, about to hit a week high, and might surpass the pivotal barrier of $100,000 amid a positive sentiment in the crypto market.

MicroStrategy continues to expand its holdings of bitcoin to new record highs, while US 10-year treasury yields lost ground.

The Price

Bitcoin rose $612 today at Bitstamp, or 0.65% to $97,243, with a session-low at $96,387.

Bitcoin lost 1.3% at Bitstamp on profit-taking away from a week high at $98,490.

Crypto Market Value 

The market value of cryptocurrencies rose over $45 billion on Friday to a total of $3.360 trillion.

MicroStrategy

Through the X platform, Microstrategy CEO Micheal Saylor announced a new round of bitcoin purchases, raising the company’s total holdings of bitcoin to a record high.

The company bought 7633 bitcoins between January 27 and February 10 for $0.74 billion, paying on average $97,255 for each unit, with the company now in total owning 478,740 bitcoins at an average price of $65,100, and a total value of $31.1 billion.

US Yields

US 10-year treasury yields fell 0.25% today away from recent three-week highs at 4.660%, undermining the greenback.

It comes ahead of important US retail sales data later today, crucial for gauging economic performance.

The global markets are relieved that US President Trump hasn’t yet implemented his reciprocal tariff plan, with his trade officials indicating each country will be dealt with separately. 

The US dollar fell in European trade on Friday on track for the second loss in a row, plumbing a two-month trough and on track for the second weekly loss in a row as demand tumbles on the currency while concerns about global trade tensions faded. 

The currency is also pressured by lower US 10-year treasury yields before important US retail sales data later today.

The Index

The dollar index fell 0.3% today to 106.83, a December 18 low, with a session-high at 107.28.

On Thursday, the index lost 0.85%, the heftiest loss since January 20 as changes in Trump’s tariffs overshadowed strong US producer prices data.

Weekly Trades

The dollar index is down 1.2% so far this week on track for the second weekly loss in a row.

Trump’s Tariffs

The global markets are relieved that US President Trump hasn’t yet implemented his reciprocal tariff plan, with his trade officials indicating each country will be dealt with separately. 

US 10-year treasury yields fell 0.25% today away from recent three-week highs at 4.660%, undermining the greenback.

US Rates

Fed Chair Jerome Powell told Congress on Wednesday that the Fed’s fight with inflation isn’t over yet, and that any more rate cuts will have to wait until inflation is clearly heading towards the 2% target.

US consumer prices rose past estimates in January in another sign of renewed inflationary pressures on the Fed’s policymakers.

According to the Fedwatch tool, the odds of a 0.25% Fed rate cut in March fell from 5% to 2.5%.

It comes ahead of important US retail sales data later today, crucial for gauging economic performance.

US retail sales are expected down 0.2% in January, compared to a 0.4% rise in December, while core sales are expected up 0.3%.

Gold prices rose in European trade on Friday on track for the third profit in a row, and about to scale a fresh record high and mark the seventh weekly profit in a row as the dollar dipped.

The dollar’s decline comes as global trade tensions receded, however, the dollar is still underpinned as the odds of a Fed rate cut in March receded.

Prices

Gold prices rose 0.35% today to $2938 an ounce, with a session-low at $2923.

On Thursday, gold rose 0.85%, approaching a record high at $2942.

Weekly Trades

Gold is up over 2.7% so far this week, about to mark the seventh weekly profit in a row, the longest such weekly winning streak since June 2020.

US Dollar

The dollar index fell 0.25% today, hitting a two-month trough at 106.86 against a basket of major rivals. 

A weaker dollar makes the greenback-denominated gold futures cheaper to holders of other currencies.

The global markets are relieved that US President Trump hasn’t yet implemented his reciprocal tariff plan, with his trade officials indicating each country will be dealt with separately. 

US Rates

Fed Chair Jerome Powell told Congress on Wednesday that the Fed’s fight with inflation isn’t over yet, and that any more rate cuts will have to wait until inflation is clearly heading towards the 2% target.

US consumer prices rose past estimates in January in another sign of renewed inflationary pressures on the Fed’s policymakers.

According to the Fedwatch tool, the odds of a 0.25% Fed rate cut in March fell from 5% to 2.5%.

 SPDR

Gold holdings at the SPDR Gold Trust fell 2.3 tons yesterday to a total of 864.20 tons, the lowest since February 5.

Euro rose in European trade on Friday against a basket of major rivals, moving away from a two-week high against the dollar on profit-taking.

Despite the losses, the common currency is heading for a weekly profit, following a phone call between President Trump and his Russian counterpart Putin, at which they agreed to negotiate an end to the war.

Euro was also underpinned this week as Trump ordered a rethinking of his litany of tariffs against many trade partners, reducing global tensions.

The Price

The EUR/USD pair fell 0.2% today to $1.0447, with January 28 highs at $1.0468.

The pair closed up 0.8% on Thursday, marking the third profit in a row, and the largest since January 20.

Weekly Trades

The euro is up 1.2% so far this week against the dollar, on track for the first weekly profit in three weeks.

The Russia-Ukraine War

US President Donald Trump said both Ukrainian and Russian presidents expressed desire for peace during separate phone calls with him.

Trump said he directed US officials to commence talks aimed at ending the war in Ukraine as quickly as possible.

Trump’s Tariffs

The global markets are relieved that US President Trump hasn’t yet implemented his reciprocal tariff plan, with his trade officials indicating each country will be dealt with separately.