Bitcoin soared to $24,000 for the first time in August, shortly before financial markets assess a high-profile reading of US inflation this week.
Bitcoin added as much as 4% to $24,191.55, blasting above that milestone for the first time since July 31. The largest cryptocurrency by market cap has been grappling with a so-called crypto winter since November that dragged its price down by roughly 50% in 2022.
The world’s most valuable cryptocurrency added percentage points on Monday as US stocks moved higher before turning choppy and as US Treasury yields pulled back.
“Oil prices have weakened again, and this is providing drag on bond yields, which is supporting the likes of silver, bitcoin, Swiss franc, and Japanese yen – currencies and commodities that carry very low or zero yield,” Fawad Razaqzada, market analyst at Forex.com, said in an early Monday note.
US Treasury yields plunged Monday after Friday’s rally amid the unexpectedly strong July payrolls report. The US economy added 528,000 jobs last month, highlighting potential inflation pressures at a time the Federal Reserve has been ramping up interest rates to cool consumer prices.