Business News Asia
Bitcoin continues to rally as forecasts indicate inflation in the U.S. has peaked as oil prices fell sharply in July.
Investors see the strong employment figures as an indication that the U.S. economy can withstand the Federal Reserve’s (Fed) interest rate hike.
Bitcoin rose more than 4.21% yesterday, breaking through the $24,000 level before gradually retreating to $23,823.92 today.
Bitcoin is up 12.3% in July after falling below $20,000 in June.
Bitcoin previously plunged on concerns that the Fed’s accelerated rate hikes and balance sheet cuts will strain market liquidity and push the U.S. economy to the brink of recession.
The Bureau of Labor Statistics will release the Consumer Price Index (CPI), on Wednesday. This will be important economic data after the U.S. labor market data was released on Friday.
The Spot Market is Open
Tuesday, August 9, 2022