Investing.com– Bitcoin rose Friday, tracking a rally in broader risk-on markets. A positive U.S. jobs report helped ease fears of an imminent recession. Altcoin prices also rose.

rose almost 7% to $60,916.2, recouping some gains after rising to $61,712.3.

The token also posted compact weekly gains after falling over 10% in the previous week.

The world’s largest cryptocurrency has clawed back most of its losses this week, falling to $49,000 on Monday amid broader market panic.

Bitcoin price rises as fears of recession and interest rate hikes recede

The token tracked gains in broader markets, particularly equities, as better-than-expected weekly data fueled concerns that a U.S. economic slowdown is not as imminent as initially feared.

Recession fears weighed on risk assets last week and the first half of this week, with data showing a acute decline.

Less hawkish comments from Bank of Japan officials also helped boost risk appetite after the central bank raised interest rates and announced more hikes at its meeting last week.

BOJ officials said this week the bank would not raise interest rates during periods of market volatility, which would support boost sentiment. Losses in the Japanese yen also signaled a recovery in risk appetite.

Cryptocurrency Price Today: XRP Growth Slows After SEC Fine, But Altcoins Rise

The broader cryptocurrency market fell after a acute rally in the previous session as Labs, the token’s issuer, was fined $125 million as part of a long-running lawsuit with the Securities and Exchange Commission.

While the fine was a fraction of the $2 billion reportedly sought by the Securities and Exchange Commission (SEC), the ruling also resulted in a court order requiring Ripple to record any further securities sales.

Additionally, the case did not answer the long-standing regulatory question of whether crypto tokens qualify as securities. The SEC is also expected to potentially appeal an earlier ruling that found that Ripple’s sales of XRP to retail investors did not qualify as sales of securities.

In addition to XRP, broader altcoins rose in tandem with Bitcoin. The world’s No. 2 token rose 10.6% to $2,681.80.

and rose by 1.5% and 3.6% respectively, while meme tokens rose by 4.7%.