Bitcoin
touched a 13-month high on Thursday as the drumbeat for institutional bitcoin demand grew louder following comments from BlackRock CEO Larry Fink.
The cryptocurrency ended the day flat at $30,302.03, according to Coin Metrics. Early in the morning, it climbed to about $31,450, reaching its highest level since June 2022. However, it gave back those gains after better-than-expected U.S. jobs data increased investor worries about the path of interest rates.
This earlier move was in contrast to both weaker stock prices and rising yields. The yield on the 10-year U.S. Treasury note later climbed above 4% to a 16-year high. Additionally, the minutes of the Federal Reserve’s June meeting, released Wednesday, showed that most officials would support more rate increases ahead. Cryptocurrency liquidity has been low for several months, continuing to exaggerate both upward and downward movements.
