Bitcoin advanced to $24,000 for the first time in August, a move taking place before financial markets assess a high-profile reading of US inflation this week.
Bitcoin rose as much as 4% to $24,191.55, crossing that handle for the first time since July 31. The cryptocurrency has been struggling with a so-called crypto winter since November that's left its price down by roughly 50% in 2022. The world's most valuable cryptocurrency showed improvement Monday as US stocks moved higher before turning choppy, and as US Treasury yields pulled back.
"Oil prices have weakened again, and this is providing drag on bond yields, which is supporting the likes of silver, bitcoin, Swiss franc and Japanese yen – currencies and commodities that carry very low or zero yield," Fawad Razaqzada, market analyst, said in an early Monday note.
US Treasury yields declined Monday after Friday's jump in the wake of the unexpectedly strong July payrolls report. The US economy added 528,000 jobs last month, highlighting potential inflation pressures at a time the Federal Reserve has been ramping up interest rates to cool consumer prices.
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source https://www.reddit.com/r/btc/comments/wjkrif/bitcoin_rises_4_to_retake_24000_as_investors/
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