Bitcoin Surges 4% to $24,000 For The First Time In August

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Yields plummeted when prices surged. The 10-year Treasury yield on Monday lost six basis points to 2.77%, and the 2-year Treasury yield fell three basis points to 3.12%. 

As of this moment, Bitcoin so has added up more than 3%, on top of its July surge of 19%. The digital coin gained ground last week following news that Coinbase is teaming up with asset manager BlackRock to help some of its clients gain greater exposure to cryptocurrencies, starting with bitcoin.

Investors in bitcoin and other markets are waiting for a fresh read on US consumer price inflation due Wednesday from the Bureau of Labor Statistics. The July report may show headline inflation cooling to 8.7%, according to an Econoday consensus estimate. The CPI rose to 9.1% in June, the fastest inflation rate since November 1981, paced by food and energy increases.