Bitcoin surged past the $70,000 mark for the first time in ten days, fueled by continued strong demand and the recent launch of exchange-traded funds (ETFs).
Analyst Matthew Detrick attributed the price increase to “very strong flows” into these new Bitcoin ETFs.
Stock markets showed a mixed reaction.
Treasury yields rose slightly as the market adjusted to the possibility of the Federal Reserve cutting interest rates three times in 2024.
Benchmark bond prices dipped slightly, reflecting the rising yields.
Meanwhile, oil prices climbed due to supply concerns caused by production cuts in Russia and ongoing geopolitical tensions.
Both U.S. crude and Brent crude ended the day higher, settling at $81.95 and $86.75 per barrel, respectively.
Gold prices remained relatively stable ahead of key economic data releases scheduled for later this week. Spot gold closed at $2,170.60 an ounce, with a modest gain of 0.3%.
