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Bitcoin readies to trade above $70,000 as US yields drop
Bitcoin rose on Tuesday on track for the fourth profit in a row amid an improving risk appetite that dominated the market, with bitcoin preparing to pierce through $70,000 once more.
Bitcoin could hit fresh highs this week if weak US data continued to be released, which would bolster the case for two Federal Reserve rate cuts this year.
The Price
Bitcoin rose 0.8% at Bitstamp today to $69,339, with a session-low at $68,553.
Bitcoin rallied 1.55% on Monday, marking the third profit in a row.
Crypto Market Value
Crypto market value rose by $10 billion on Tuesday to a total of $2.710 trillion as both bitcoin and ethereum gain ground.
US Yields
US 10-year treasury yields fell by 0.4% today, plumbing three-week lows at 4.375%, with risk appetite in turn rebounding.
Recent data showed US manufacturing shrank again in May, while construction spending fell unexpectedly, indicating a slowdown in US growth.
Following the data, the odds of a September interest rate cut in September rose to 60%, and to 72% in November according to the Fedwatch tool.
Later today, the JOLTS Job Opportunities survey is expected to show the availability of 8.37 million new jobs in April.
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