The cryptocurrency is coming down from a 43% surge in Q3
Bitcoin reversed course to trade higher on Thursday, helped by a rally in the U.S. Treasury bond market. Gains were capped by a surge in oil prices.
The cryptocurrency is coming down from a 43% surge in Q3, aided chiefly by increasing optimism over U.S. regulatory approval, as moves by the Securities and Exchange Commission helped markets largely look past the failure of the Clarity Act.
Bitcoin was last up 0.9% to $84,491.0 by 21:45 GMT.
Bitcoin initially slid on Thursday, as soaring U.S. Treasury yields outweighed a softer-than-expected inflation reading from Wednesday. The print had led to a reduction in expectations for a central bank rate hike in October. But a bond rout largely resumed after the data, putting some pressure on crypto.
Price pressure concerns returned to the spotlight earlier in the morning after the Institute for Supply Management’s (ISM) latest report on the U.S. manufacturing sector showed a big jump in the prices index, which tracks changes in raw material and input prices paid by manufacturers. The gauge rose to 77.9 in September from 71.1 in August, coming close to its 78.3 level in March at the beginning of the U.S.-Iran war.
Elsewhere, a stablecoin backed by payments companies Visa, Mastercard, Stripe, as well as crypto exchange Coinbase, went live on Wednesday, according to a Coindesk report.
The coin – OpenUSD – was initially revealed in June, and went live on Ether, Solana, Coinbase’s Base, and Stripe-backed Tempo blockchains, Coindesk reported.
Open Standard CEO Zach Abrams told CoinDesk that the company was targeting banking, cross-border payments, along with card settlement, institutional trading, and lending.
The company has over 140 partners across payments, banking, crypto, and tech, including BlackRock, BNY, and Standard Chartered.
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