Cryptocurrencies rally on cooling inflation data; Bitcoin touches $42k

Major cryptocurrencies saw strong gains on Friday as positive market sentiment boosted prices across the board. Bitcoin jumped over 5% to hit highs of $42,256, while Ethereum and XRP also saw gains of 3.9% and 5% respectively.

The rally comes as investors responded positively to signs of slowing inflation in the US, sending crypto-related stocks higher. Coinbase gained over 3% and Bitfarms saw an impressive jump of 13%. Meanwhile, notable Bitcoin buyer MicroStrategy climbed 9.3%.

Crypto miners like Riot Blockchain and Marathon Digital saw double digit growth, advancing 6.7% and 10% each. Mining machine makers Ebang and Canaan also benefited, closing up 4.8% and 11% respectively.

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Bitcoin ETFs tied to the leading cryptocurrency price also jumped by over 5% across the board. This adds to Bitcoin’s multi-day rebound after heavy losses earlier this month.

By Saturday morning, prices had dipped from their highs but held onto most gains. Bitcoin traded at $41,762 at 10:45 GMT, while Ethereum sat at $2,265 and XRP at $0.5290.