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Ethereum declines but marks weekly gains
AI Summary
- Most cryptocurrencies declined during Friday trading despite improved risk appetite in the markets following trade agreements between the US and its partners
- 82% of S&P 500 companies reporting earnings beat Wall Street expectations, including Alphabet
- US President Trump met with Federal Reserve Chair Powell and hinted at potential interest rate cuts, leading to Ethereum declining by 2.5% but still marking a weekly gain of 3.5%
Most cryptocurrencies declined during Friday trading, despite improved risk appetite in the markets following the announcement of trade agreements between the United States and its partners.
This comes amid optimism about progress in trade talks between the US and the European Union, as the European Commission announced that reaching an agreement with the United States is now within reach, following Washington’s announcement earlier this week of a trade deal with Japan.
Regarding corporate earnings, data from FactSet showed that 82% of companies listed on the S&P 500 that have reported their results so far have exceeded Wall Street expectations, including Alphabet, which announced quarterly profits that beat estimates.
For his part, US President Donald Trump stated on Friday that he held a good meeting with Federal Reserve Chair Jerome Powell, and came away with the impression that the central bank chief might be ready to lower interest rates.
Trump had visited the Fed in Washington yesterday, where he toured renovation works in two buildings at the bank’s headquarters.
Trump used the opportunity to renew his public call for Powell to lower interest rates immediately. The president told reporters on Friday: “We had a very good meeting… I think it was a very good meeting about interest rates.”
He added: “He [Powell] told me, ‘Congratulations, the economy is doing very well,’ and I understood from that that he may start recommending rate cuts based on that conversation.”
Ethereum
As for trading, Ethereum declined by 2.5% to $3,643.7 at 21:08 GMT on CoinMarketCap, though the digital currency recorded a weekly gain of 3.5%.
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