Crypto Markets Manage Modest Move Higher Friday, Trimming Weekly Losses
A very rough week in crypto markets appears on track to conclude on a slightly positive note. About an hour ahead of the close of U.S. stock market trade Friday, the price of bitcoin (BTC) has managed to climb back above $103,000, up about 2% over the past 24 hours after falling back to the $99,000 area earlier in the session.
It’s some solace for the bulls after bitcoin plunged from above $110,000 at one point Sunday to below $99,000 about 48 hours later. The bounces in some altcoins were even larger on Friday, with ether (ETH) at $3,445.06, XRP at $2.3575, and Solana (SOL) at $163.90, all ahead 4%-5%. Meanwhile, Dogecoin (DOGE) at $0.1804 and Cardano (ADA) at $0.5822 posted gains of 12% and 9%, respectively.
For now, these moves higher have all the markings of a modest short-covering rally following dramatic plunges across the sector for most of the week.
Looking more closely, though, the bulls will find some green shoots in the latest economic data. Normally not a massively-followed report, the University of Michigan Consumer Sentiment Survey released Friday morning took on greater importance amid the government shutdown and lack of official statistics.
The survey showed a drop to 50.3 in November from 53.6 a month earlier. This slump brought the gauge down to levels seen during the COVID panic, the Global Financial Crisis, and the recessions of 1990 and 1981. At the same time, inflation expectations over the coming 5-10 year period eased slightly but remained elevated at 3.6%.
“Consumers perceive pressure on their personal finances from multiple directions,” said survey director Joanne Hsu. “Consumers also anticipate that labor markets will continue to weaken in the future and expect to be personally affected.”
The news suggests that the U.S. Federal Reserve, which sent markets tumbling with its surprise hawkish tilt last week, might have to reconsider what appeared to be growing momentum within the central bank not to cut rates again at its final meeting of the year in December.
Congress also reads the papers, and the sharp, unexpected slump in consumer sentiment will surely not go unnoticed on Capitol Hill. This development could push officials on both sides of the aisle toward a deal to reopen the government.
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https://www.coindesk.com/markets/2025/11/07/crypto-markets-manage-modest-move-higher-friday-trimming-weekly-losses
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