Approaching six-month lows earlier in the session, the price of bitcoin quickly jumped about 2% Friday afternoon to above $25,900 after the FASB approved what’s seen as being a favorable accounting treatment for companies holding crypto on their balance sheets and ARK Invest submitted paperwork for a spot ether ETF.
The rally, however, quickly faded, with bitcoin giving up any session gains and returning to just below $25,700, roughly its level of 24 hours ago. Ether followed the same price action and is also flat at $1,630.
The broader CoinDesk Market Index (CMI) is underperforming a bit, lower by 0.3% over the past day.
Trending: Judge Denies Hunter Biden Virtual Court Appearance
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!