Bitcoin price edged higher on Friday, slightly rebounding from recent losses as traders remained largely averse to crypto markets even as soft U.S. labor data pulled down the dollar and reinforced bets on eventual interest rate cuts this year.

Fears of more regulatory action against crypto were a key weight on prices this week, amid reports of more moves by the U.S. Securities and Exchange Commission against major players in crypto. The shutdown of a popular privacy coin trading platform also rattled sentiment.

This kept Bitcoin trading up 3.5% over the past 24 hours at $63,243.4 by 07:56 ET (11:56 GMT). An overnight drop in the dollar, following soft labor data, afforded some strength to Bitcoin.

Sustained outflows from crypto investment products- particularly spot Bitcoin exchange-traded funds- also weighed on the token over the past three weeks.

Bitcoin price little changed over the past 7 days

The world’s largest cryptocurrency was little changed over the past seven days, and remained comfortably in a trading range established since its fall from record highs in early-March.

The token had fallen as far as $57k last week, entering a technical bear market from its March highs.

While Bitcoin had since recovered from those lows, any further gains in the currency were largely stymied by concerns over more regulatory scrutiny against crypto.

The shutdown of LocalMonero- a popular platform for peer-to-peer trades of the Monero privacy coin- rattled sentiment.

The SEC this week postpo

This came as trading app Robinhood Markets Inc (NASDAQ:HOOD) said it was facing potential regulatory action from the SEC over crypto tokens traded on its platform. 

The SEC was also seen postponing a decision on spot Ethereum ETFs to June, and is then expected to reject applications for the offering given that it is also reportedly pursuing an investigation of whether the world no.2 token is a security. 

The regulator has similar cases against exchange Coinbase Global Inc (NASDAQ:COIN) and XRP issuer Ripple. 

Crypto price today: altcoins follow Bitcoin into the green

Broader crypto prices were also mainly in the green following Bitcoin’s rebound on Friday.

Ethereum rose 1.9%, while XRP climbed 0.3%. Solana was an outperformer, rising over 8% on the day.

While weak jobless claims data spurred some optimism over eventual interest rate cuts by the Federal Reserve, the central bank is still only expected to do so by September- a trend that is set to pressure crypto markets in the near-term.ned the planned public listing of crypto wallet operator Exodus Movement on the New York Stock Exchange.