Crypto rallies into weekend, bitcoin heads for its best week since early 2021
Cryptocurrencies experienced a rally on Friday with Bitcoin reaching $26,770.00, up 7% and on track for its best week since January 2021. Ethereum rose 3.5% to $1,741.24, on course for its best week since August 2021. Despite falling stock prices on Friday, crypto prices continued to climb due to an improved liquidity outlook resulting from the Fed injecting liquidity into the banking system and China lowering its reserve ratio for banks. Investors have welcomed crypto's resilience amid the banking crisis this week, but crypto price movements are still influenced by inflation and Federal Reserve rate hikes. Some experts suggest that Bitcoin is undergoing a narrative shift amid the banking crisis, and a close above $26,000 could signal the beginning of a bull market.