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Bitcoin about to surpass $72,000, moving towards record highs
Bitcoin gained ground on Thursday and maintained its profits for the sixth straight session, moving to near two-week highs and about to surpass the $72,000 barrier as the risk appetite rebounded in the market and amid constant weakness in US treasury yields.
A string of weak US data this week boosted the odds of multiple Fed rate cuts this year, in turn underpinning risk appetite.
The Price
Bitcoin rose $290 at Bitstamp today, or 0.4% to $71,339, with a session-low at $70,818.
On Wednesday, bitcoin rose 0.8%, the fifth profit in a row, marking a two-week high at $71,759.
Crypto Market Value
The market value of cryptocurrencies rose by $10 billion today to $2.795 trillion as both bitcoin and ethereum surged.
US Yields
US 10-year treasury yields traded near two-month lows at 4.275%, in turn boosting non-yielding assets.
Across this week, a string of weak US data underpinned the odds of multiple Fed rate cuts in 2024.
Recent US data showed the US manufacturing sector and construction spending fell sharply in May.
Also US job opportunities showed a noticeable decline in April as tight labor conditions eased.
Following the data, the odds of a Fed 0.25% rate cut in September rose to 67%, and the odds of such a cut in November rose to 80%.
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