After staging a recovery earlier this week, cryptocurrencies were stuck in a holding pattern Friday afternoon.
Bitcoin and ether had both climbed by less than a percent. Notable performers on CoinDesk’s big board include XRP (XRP), up 10 percent, Stellar (XLM) in the green 3 percent and dash, up 4 percent. All 24-hour price changes are from 20:00 UTC (4 p.m. ET) on March 27.
Traditional markets, meanwhile, continued to reel from the record unemployment claims in the U.S., part of the fallout from the coronavirus outbreak, despite a $2 trillion stimulus package making its way to President Donald Trump for his signature. U.S. stocks closed with the S&P 500 index down 3 percent. Earlier in the day, Japan’s Nikkei 255 closed its session up 3.8 percent. For Europe, the FTSE 100 Index closed in the red 3.3 percent.
Federal Reserve “and fiscal policies have averted for now accelerated economic and financial de-leveraging. Unfortunately, they can’t avoid a deep and sudden recession resulting in alarming unemployment and business closures,” Mohamed A. El-Erian, chief economic adviser at Allianz, wrote in a tweet.
On low volumes, bitcoin’s price changes have narrowed, staying in a $6,400-$6,900 per 1 BTC range since March 24. This has put the bellwether cryptocurrency’s 10-day and 50-day moving averages close to each other.
“I think bitcoin just moved up from its $4,000-$5,000 crash range earlier than equities did. While equity markets have been rallying the last couple of sessions, other more safe haven-type markets like bonds and gold have been consolidating,” said Siddharth Jha, a former Wall Street analyst now focused on blockchain technology at startup…