Bitcoin about to trade above $70,000 once more

Bitcoin rose on Friday on track for the second profit in a row, while about to trade above $70,000 once more amid a strong risk appetite in the market.

US 10-year treasury yields declined recently following forecast-matching US personal spending data for April. 

The world’s most valuable cryptocurrency is about to mark the fourth monthly profit this year amid a constant cash influx flow into US bitcoin exchange funds in May. 

The Price 

Bitcoin rose by 1%, or $680 at Bitstamp to $69,010, with a session-low at $67,865. 

Bitcoin rose 1.1% on Thursday, the first profit in three sessions as US treasury yields tapered off. 

Crypto Market Value 

The market value of cryptocurrencies rose by over $10 billion today to $2.690 trillion as both bitcoin and ethereum gained ground.

US Yields 

US 10-year treasury yields fell by 1% on track for the second losing session in a row away from four-week highs at 4.638%. 

Risk sentiment improved in the market after US personal spending data for April, which more or less matched estimates. 

The data likely points to slower inflationary pressures on the Federal Reserve, and could boost the odds of multiple Fed rate cuts this year. 

According to the Fedwatch tool, the odds of a Fed 0.25% interest rate cut in September rose to 53% following the data, and the odds of such a cut in November rose to 66%.

Monthly Trades 

Bitcoin is up 14% so far in May on track for the fourth monthly profit this year. 

Last week, the SEC approved ethereum exchange traded funds, including funds managed by Blackrock, in turn boosting sentiment. 

Bitcoin Exchange Funds

Since May 13, bitcoin exchange funds have received a constant positive stream of cash as institutional investors grow more interested. 

The famous Blackrock fund has become the world’s largest bitcoin exchange fund, with bitcoin assets amounting to $19.48 billion.