This week in crypto markets has been tough, but it seems to be ending on a slightly positive note.
About an hour before the U.S. stock market closed on Friday, bitcoin’s price managed to rise back above $103,000—an increase of about 2% in the last 24 hours—after dipping to around $99,000 earlier in the session.
This provides some comfort to bulls after bitcoin fell from over $110,000 on Sunday to below $99,000 just 48 hours later.
Some altcoins experienced even bigger bounce-backs on Friday, with ether at $3,462.71, XRP at $2.3605, and solana at $163.53, all up 4%-5%. Dogecoin was at $0.1800 and Cardano at $0.5813, showing increases of 12% and 9%, respectively.
These recent gains appear to be a modest short-covering rally following significant declines across the sector earlier in the week.
Additionally, bulls might find some optimism in the latest economic data. A usually less-followed report, the University of Michigan Consumer Sentiment Survey released Friday gained importance due to the government shutdown and lack of official statistics.
The index dropped to 50.3 in November from 53.6 the previous month, falling to levels seen during past economic crises.
Though inflation expectations over the next 5-10 years eased slightly, they remain elevated at 3.6%.
“Consumers perceive pressure on their personal finances from multiple directions,” noted survey director Joanne Hsu. “Consumers also expect labor markets to continue weakening in the future and anticipate being personally impacted.”
This news suggests that the U.S. Federal Reserve—responsible for recent market declines due to an unexpected hawkish tilt—may need to rethink its apparent momentum not to cut rates in its final meeting of the year in December.
Congress will also take note of the sharp drop in consumer sentiment, which could prompt officials from both parties to consider a deal to re-open the government.
Read more: The Fed’s Turning Hawkish as This U.S. Employment Indicator Flashes Red
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