Bitcoin Rebounds Above $79k as Crypto ETFs Support Price
Bitcoin rebounded above $79,000 on Wednesday after falling to lows near $77,600 in the previous session. The world's largest cryptocurrency has been supported by renewed interest in crypto exchange-traded products, but concerns over a potential US Federal Reserve rate hike and surging oil prices have kept risk appetite subdued.
The price of Bitcoin last traded 1% higher at $79,111.2 as of 02:15 ET (06:15 GMT). The cryptocurrency had climbed above $82,000 last week but reversed those gains after stronger-than-expected US jobs data. Grayscale's Zcash ETF has seen assets top $500 million roughly two weeks after its debut on NYSE Arca.
However, Bitcoin's gains remained limited due to macroeconomic risks weighing on the market. Traders have sharply increased bets that the Fed could raise interest rates at its September 15-16 meeting following stronger-than-expected US employment data and renewed inflation concerns.