Bitcoin Surges to $80,858 as SEC Exemption Trumps Fed Hike
Bitcoin's price surged to $80,858 on Friday, rising 5.42% from the day before, despite a backdrop that should have crushed it.
The Federal Reserve had just delivered its first rate hike since July 2023, the 10-year Treasury yield is back at 5%, and the dollar index sits above 100.
However, the SEC's exemption for tokenized stocks issued on Thursday reopened the institutional path that the failed CLARITY Act had closed, and the market treated it as the more important decision.
The rebound from the week's low is sharp, with Bitcoin dropping to $75,972 overnight into Thursday after trading below $75,000 on Tuesday, when the Senate vote failed.
From $75,972 to $80,858 is a 6.4% recovery in under three sessions, and the coin has now posted three straight daily gains.