Crypto
Bitcoin Blasts Past $65,000 Amid Rate Outlook Reversal
Bitcoin's price surged above $65,000 during early trading on August 10, reaching an intraday high of $65,363 before slipping back to $64,955. This price increase reflects a reassessment of the U.S. interest rate outlook by the market.
The U.S. economy lost 23,000 nonfarm payroll jobs in July while the unemployment rate held steady at 4.1%, which lowered expectations for a Federal Reserve rate hike and drove Bitcoin prices higher.
U.S. spot Bitcoin ETFs saw net inflows of $854 million from August 3 to 7, with BlackRock's IBIT accounting for $694 million, indicating improved institutional demand that could provide support for Bitcoin prices.