By George Glover
Bitcoin and XRP were among the cryptocurrencies struggling for direction Friday as uncertainty over upcoming policy moves and macroeconomic factors weigh on the digital-asset sector.
Bitcoin, the largest token by total valuation, slipped 0.3% to $98,203 in early trading, according to data from the crypto exchange Kraken. XRP, used to settle and facilitate transactions on Ripple Labs' digital-payments platform, was down 0.5% to $2.66.
The cryptocurrencies surged after Donald Trump won the U.S. presidential election, but have struggled since his inauguration Jan. 20. Bulls have been left underwhelmed by new administration's crypto policies, and stubborn inflation has boosted the likelihood of the Federal Reserve keeping interest rates at their current level, dragging down risk-on assets.
Some cryptos were bucking the trend on Friday, though. Ethereum climbed 1%, Solana was up 2%, and Dogecoin, a so-called meme token that's been touted in the past by Trump ally Elon Musk, rose 0.7%.
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
February 21, 2025 03:51 ET (08:51 GMT)
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