Bitcoin Surges Above $64,000, Heads for Weekly Gain Amid Tech Rally

Bitcoin surged above $64,000 on Friday, rebounding sharply and heading for a weekly gain as investors put aside geopolitical concerns and technology stocks rallied, boosting risk appetite in global markets.

Crypto Market Rise, Bitcoin rose as high as $64,490 during the session.

■Bitcoin is on track to gain about 1% for the week.

■The cryptocurrency made up for losses earlier in the week when escalating military tensions between the US and Iran rattled financial markets and drove investors to safe-haven assets.

Market Analysis, Analysts say Bitcoin continues to trade largely as a high-beta risk asset, moving in tandem with stocks when market sentiment improves. A lasting decline in geopolitical tensions and sustained strong demand for technology stocks could provide additional support for cryptocurrencies.

■Trading at $64,316.8, Bitcoin rose 2.4%.

■On track to gain about 1%.

Markets are highly sensitive to this situation and under the influence of geopolitical tensions. Bitcoin's rebound can be seen as a reflection of the tech stock rally. However, as investors remain cautious, improving market sentiment and increasing risk appetite could boost interest in cryptocurrencies.