The world’s largest cryptocurrency was last up 0.4% to $77,756.2
Bitcoin rose marginally on Thursday, but moves remained small as traders weighed interest rate hike expectations against increased hopes for a peace deal between the U.S. and Iran.
The world’s largest cryptocurrency was last up 0.4% to $77,756.2 by 21:38 GMT, after having snapped a five-day losing streak in the previous session. A global bond sell-off and geopolitical uncertainty has weighed on Bitcoin.
Macro remains the major short-term price driver. U.S. spot Bitcoin ETFs have shed $1.84 billion across the six sessions since the April CPI print on May 13, ending a two-and-a-half-month inflow run that had added $4.4 billion to the complex from February’s through early May, Dessislava Ianeva, analyst at Nexo Dispatch, said.
Spot order flow tells the same story. Bitcoin saw nine consecutive sessions of net selling from May 12 through May 20, totalling roughly $1.2 billion in sell aggression. The streak broke on May 21 as the NVIDIA earnings bid drew in $98 million from buyers, Ianeva added.
Nvidia after hours on Wednesday delivered a quarterly top- and bottom-line beat and provided current quarter guidance that beat expectations. However, the stock saw a muted reaction on Thursday as investors fretted over whether its high $5 trillion valuation was justified.
On the topic of increased U.S. rate hike bets, the minutes of the central bank’s April meeting on Wednesday showed that a majority of policymakers now believed hikes could be appropriate if the rise in energy prices kept inflation elevated above the central bank’s 2% target.
The tick up in rate hike bets led to a steep global bond sell-off that started last week, though longer-end U.S. Treasury yields quickly gave up gains on Thursday after the ILNA report.
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