Bitcoin gained 5.5% to $81,569.1, jumping past the $80,000 mark for the first time since August 28
Bitcoin surged on Thursday and topped $80,000 for the first time in nearly a week, on a good day overall for risk assets.
Bitcoin gained 5.5% to $81,569.1 by 21:17 GMT, jumping past the $80,000 mark for the first time since August 28.
The big story for the last few weeks has been an extended rout in bond markets across the world, boosting yields to multi-year highs and lifting borrowing costs. The drivers of the sell-off include jitters about inflation amid higher oil prices, fears about unsustainable debt issuance by companies to fund their AI infrastructure buildouts, and rising fiscal debt.
On Tuesday, the benchmark U.S. 10-year yield hit its highest level since November 2023, while the 2-year yield hit its highest since July 2024. They eased up on Wednesday, and the decline picked up on Thursday, with the 10-year falling 2.2 basis points to end at 4.772%, and the 2-year slipping 4.6 basis points to settle at 4.340%.
Some positive commentary from Fed Governor Christopher Waller helped the sentiment.
While inflation remains meaningfully above the Federal Open Market Committee’s (FOMC) 2 percent goal, recent data suggest we are finally seeing some signs of disinflation. If this continues in the data due over the next two weeks, I would be inclined to support holding the target for the federal funds rate at its current setting, Waller said in prepared remarks at a Reuters NEXT interview in Washington, D.C.
The voting member of the FOMC added that he believed underlying inflation was doing much better than core figures suggested. The remarks marked a less hawkish tone than Fed Chair Kevin Warsh’s speech at the annual Jackson Hole conference last week.
Recent buying action from top corporate holder Strategy, along with hopes for more U.S. regulation, have also helped Bitcoin.
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