Crypto
Bitcoin Soars Past $68K Amid Falling Yields and Rekindled Institutional Demand
Bitcoin's price surged over 6% on Wednesday to approach $69,000 as it benefited from lower Treasury yields, a weaker dollar, and renewed institutional demand. The cryptocurrency traded as high as around $68,776 after starting the session near $64,100.
The move pushed BTC through resistance in the range of $65,000, $66,000 and back toward the upper end of its recent price range.
Pressure eased in the U.S. bond market on Wednesday as long-term Treasury yields moved lower, contributing to a weaker dollar ahead of the Federal Reserve's July meeting minutes.
The return of institutional demand for Bitcoin ETFs also contributed to the rally, with U.S. spot Bitcoin ETFs attracting around $487 million in two-day inflows on August 17 and 18.