By Brian Swint
Bitcoin and other cryptocurrencies were trading lower Friday as they broadly tracked sentiment on the stock market.
Cryptos often trade like high-risk technology stocks, though sometimes they are also seen as a haven asset like gold.
For the past 24 hours, they've traded in line with the S&P 500--falling most of Thursday after President Donald Trump's call with Chinese leader Xi Jinping that didn't yield a tariffs breakthrough. Trump's public spat with billionaire Tesla CEO Elon Musk may have also weighed on the market. But by early Friday, they were starting to make a recovery.
Crypto got a boost as an asset class on Thursday as Circle Internet Group, which issues a coin tied to the value of the dollar, soared 168% on its first day of trading. However, that didn't seem to translate to cryptocurrencies prices Thursday, which instead followed the stock market.
The May report on nonfarm payrolls could have a big impact on cryptos and stocks when it is published later this morning.
Bitcoin was down 1.2% over the past 24 hours at $103,707, though up from the lows hit late Thursday. Ethereum, the second-biggest cryptocurrency, was down 5.5%, while XRP was 2.5% lower. Solana traded 2.7% down, and Cardano slipped 5.7%.
Write to Brian Swint at brian.swint@barrons.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
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June 06, 2025 05:49 ET (09:49 GMT)
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