Bitcoin Jumps Above $71K as Oil and Rates Rattle US Stocks
Thursday's premarket session saw Bitcoin rise despite US stock futures being choppy due to higher oil prices and rising bond yields. WTI crude oil jumped by 3.7% to $89 a barrel, which can lead to increased inflation worries as energy prices lift costs and higher yields make future profits less valuable in today's dollars.
The morning's data showed initial jobless claims falling to 206,000, below the forecast of 210,000, and the Philadelphia Fed's manufacturing index rising to 47.4 in August, above the predicted 24.8. This pointed to stronger momentum than expected, putting pressure on the Federal Reserve to keep borrowing costs higher for longer.
Despite this, crypto-linked corners rallied, with Bitcoin trading above $71,000, up 4.9%, and Strategy rising more than 10%. Coinbase gained over 6% and the ProShares bitcoin Strategy ETF was up 4.8%, while broad equity benchmarks were relatively muted.