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Bitcoin moves higher towards 6-week high as US yields decline
Bitcoin rose on Wednesday and resumed its gains after a two-day hiatus, moving towards six-week highs as US 10-year treasury yields declined.
The gains came amid speculation that Donald Trump might announce a bigger role for cryptocurrencies in the US financial system during an upcoming July 26 speech in Nashville.
Prices
Bitcoin rose 1.5% at Bitstamp today to $66,920, with a session-low at $65,473.
Bitcoin lost 2.4% on Tuesday at Bitstamp, the second loss in a row, amid active profit-taking off six-week highs at $68,486.
Crypto Market Value
The market value of cryptocurrencies rose by over $20 billion to a total of $2.540 trillion as both bitcoin and ethereum rebounded.
US Yields
US 10-year treasury yields dipped by 0.95% on track for the second daily decline in a row, in turn boosting the risk appetite.
The developments came following a batch of weak US industrial data, which bolstered the case for Fed rate cuts in both September and November.
Bitcoin Conference
Trump will speak ahead of the Bitcoin Conference scheduled for later this month according to organizers, which could shed light on his increasing support of the crypto industry, and the potential of a larger role in the US economy.
Dollar gives up two-week high ahead of US data on major sectors
The dollar fell in European trade on Wednesday against a basket of major rivals, giving up recent highs scaled in Asian trade amid active profit-taking and under pressure from higher US 10-year treasury yields.
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