Bitcoin Rebound Stalls at $65K as Stocks Fall and Gold Rises

<p>After peaking above $69,000 on Wednesday and suggesting a potential rebound for the leading cryptocurrency, Bitcoin dropped more than 3% on Friday to nearly $65,000 as stocks dipped and gold enjoyed a 1.4% bump.</p>
<p>The S&amp;P 500 has fallen 0.7% and the Nasdaq has slipped 1.15% since the New York opening bell on Friday.</p>
<p>At the time of writing, Bitcoin was changing hands for $65,222 and has lost 3.5% compared to the same time last week, according to crypto price aggregator CoinGecko.</p>
<p>The world's largest cryptocurrency by market capitalization has been trading for nearly half its all-time high price of $126,080 for the better part of the past week.</p>
<p>Bitcoin had a bumpy week, starting with a <a href="https://decrypt.co/358813/bitcoins-dip-under-65k-pushes-crypto-liquidations-to-500m">sell-off Monday</a>. There was more turbulence mid-week as <a href="https://decrypt.co/358957/bitcoin-traders-expect-more-pain-btc-falls-50-percent-peak?prefer_reader_view=1&amp;prefer_safari=1&amp;amp=1">President Donald Trump's 10% global tariff</a> went into effect, but a brief window of relief as <a href="https://decrypt.co/359175/nvidia-earnings-steady-markets-ai-spending-debate-intensifies?amp=1">Nvidia's earnings steadied tech stocks</a> and crypto markets alike.</p>
<p>"After reaching the $70K psychological level, upside momentum faded," analysts at Tokyo-based crypto exchange Bitbank wrote in a note shared with Decrypt. "Since Thursday, in the absence of fresh catalysts, BTC has traded in a narrow range in the mid-to-high $60K area."</p>
<p>Other major cryptocurrencies have fallen in line with Bitcoin, with Ethereum dropping more than 5% on the day to $1,918, while XRP is down about 4% to $1.35 and Solana has dipped over 5% to $81.50.</p>
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<p>The price of gold, however, has ticked up to $5,268 as investors seek safe haven assets. Meanwhile, crypto stocks have taken a beating, with some falling much harder than indices indicate.</p>
<p>CoreWeave (CRWV), a Bitcoin mining firm turned AI-native cloud computing provider, had dropped 21% to $76.92 at the time of writing.</p>
<p>On Friday morning, analysts at Macquarie dropped their price target for the firm. They explained in a note shared with Decrypt that the company missed on its earnings and needs substantial investment before it can bring additional compute resources online.</p>
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<p>"Execution at this scale could be choppy," they added, dropping their price target for the stock from $115 to $90.</p>
<p>Ethereum treasury giant BitMine Immersion Technologies has seen its shares drop 7.3% in the past day, falling to $18.95. The company holds 4.42 million ETH that's worth approximately $8.2 billion at the time of writing. And its Ethereum treasury competitor, Sharplink, has seen its shares drop 6.7% to $6.73. SBET currently holds over 863,000 ETH, which is worth approximately $1.6 billion at current prices.</p>
<p>Meanwhile, Jack Dorsey's payments processor, Block Inc., has seen its shares buck the crypto stock trend. Block, which trades under XYZ, has gained nearly 15% since the opening bell after the company announced that it has <a href="https://decrypt.co/359395/morning-minute-jack-dorsey-slashes-40-of-blocks-jobs-due-to-ai">cut 40% of its staff</a> in a pivot to rely more on AI.</p>