Live updates: Coinbase lets UK users trade U.S. equities. BTC trades near $65,000
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
AI-generated summary based on the linked source; not independently verified. This is not investment advice. Verify market-moving details at the original publisher before acting. See our editorial policy, AI content policy, and financial disclaimer.
Summary
Bitcoin traded near $64,830 on Thursday, showing a 0.8% increase over 24 hours and 1.3% over the week, according to CoinDesk data. Ether rose 2.1%, while other major cryptocurrencies showed little movement. The recent bid for bitcoin is attributed to macroeconomic optimism rather than new crypto demand. Key factors include U.S. economic indicators and geopolitical developments affecting oil prices.
Why it matters
The source explains that bitcoin’s price movements are currently influenced by broader macroeconomic factors such as employment data, manufacturing output, inflation hopes, and the potential reopening of the Strait of Hormuz. These elements affect inflation expectations, Treasury yields, and the dollar, which in turn impact risk asset appetite including bitcoin’s price. The correlation with traditional equity markets underlines the influence of broader market sentiment on bitcoin’s near-term price.
Key context
Bitcoin’s price is linked with risk asset behavior and broader economic indicators. Lower oil prices could ease inflation fears and reduce inflation expectations, which might subsequently lower real interest rates and the dollar. These shifts would favor risk assets like bitcoin. However, bitcoin also saw demand as a safe haven earlier in the summer due to Middle East tensions, and a calmer geopolitical environment may diminish this effect.
Key numbers and entities
Bitcoin price near $64,830, up 0.8% in 24 hours and 1.3% weekly. Ether increased 2.1%. Bitcoin has a roughly 63% correlation with the S&P 500. President Donald Trump is cited for his comments on employment, manufacturing, and inflation, as well as the Strait of Hormuz reopening.
What remains unclear
The source points out uncertainty about whether several steps will align to sustain bitcoin’s price gains, including the impact of oil prices on inflation expectations and subsequent effects on yields and the dollar. The outcome depends heavily on these factors, making the macro trade theoretical if yields remain firm. No further specific uncertainties are flagged.