Investing.com-- Bitcoin fell marginally on Friday, giving up some recent gains as risk appetite cooled in the face of uncertainty over the Federal Reserve’s plans for interest rates and a key upcoming inflation print.
The world’s largest crypto logged modest gains this week, as did broader crypto assets, after risk appetite was boosted by a U.S.-brokered ceasefire between Israel and Iran, which appeared to be holding as of Friday.
Reports of increased corporate buying and institutional adoption also buoyed crypto prices.
Bitcoin slipped 0.1% to $106,770.0 by 09:09 ET (13:09 GMT). While the crypto was sitting on an over 5% gain this week, it still failed to break out of a $103,000 to $105,000 trading range seen through most of June.
Fed uncertainty, PCE anticipation keeps crypto markets on edge
But despite the Israel-Iran ceasefire, risk appetite was quashed by growing uncertainty over the Fed’s independence and its plans for interest rate cuts.
President Donald Trump kept up his personal attacks against Fed Chair Jerome Powell while also demanding he cut interest rates immediately.
Trump’s attacks came amid reports that the president may expedite his selection of Powell’s successor, which could potentially undermine the Fed Chair as he serves the remainder of his term to May 2026.
Powell has largely ignored Trump’s calls for lower rates, and has stated that caution over the inflationary effects of Trump’s trade tariffs will keep the Fed from acting in the near-term.
On that front, PCE price index data– the Fed’s preferred inflation gauge– is due later on Friday, and is expected to show price pressures increased slightly in May.
Core PCE data is also expected to rise further above the Fed’s 2% annual target.
Anticipation of the data kept risk-driven markets skittish on Friday. Crypto is especially vulnerable to changes in rate expectations, given that the sector usually benefits from a low-rate environment.
Ark Invest cuts positions in Coinbase, Block
Cathie Wood’s Ark Invest trimmed its positions in Coinbase Global (NASDAQ: COIN ) and Block Thursday, selling roughly $12.5 million worth of Coinbase shares and $12.3 million in Block shares from its flagship Ark Innovation ETF (ARKK), according to a daily trade disclosure.
The fund offloaded 33,363 shares of Coinbase and 189,649 shares of Block.
The move came as Coinbase closed at a record high.
The stock has gained more than 51% so far in 2025, while Block shares fell nearly 24%.
Crypto price today: altcoins muted
Broader crypto prices moved in a flat-to-low range on Friday, but were sitting on some gains this week following the Israel-Iran ceasefire.
Crypto markets also took some support from signs of increasing corporate adoption of crypto, following more Bitcoin purchases by Japan’s Metaplanet.
U.S. mortgage giants Fannie Mae (OTC: FNMA ) and Freddie Mac (OTC: FMCC ) were also seen considering allowing the use of crypto as an asset for mortgage applications, a move that could mark a major step forward for adoption of the asset class.
World no.2 crypto Ether was a standout performer this week, and was trading up 6.7%. The cryptocurrency slipped 0.4% to $2,432.20 on Friday.
XRP slid 3.4% to $2.08, but was up around 3% this week.
Solana and Cardano shed about 1% each, while among memecoins, Dogecoin 0.4% and $TRUMP gained roughly 1%.
(Ambar Warrick contributed to this report.)