Bitcoin rallies to above $24,000 on Monday.
climbed above $24,000 on Monday, rising in tandem with the stock market and elevating stocks with high exposure to cryptocurrency.
The price of Bitcoin has jumped nearly 5% over the past 24 hours to $24,220.36, climbing to its recent high of $24,504 toward the end of July. The world’s largest cryptocurrency has regained 12.3% over the course of the last month, looking to claw back some of its losses since falling under $20,000 in June for the first time since 2020.
The rally was spurred by investor optimism that inflation may soon be easing, with July’s consumer price index data expected to tick down to 8.7% from 9.1% in June, according to FactSet.
“The Bitcoin market seems to be in the process of pricing in the potential drop in CPI and trading a little higher in the Asia session on Monday,” wrote Bitbank analyst Yuya Hasegawa. “Lower inflation data will likely force the market to reconsider a 75 basis point-rate-hike outlook in September and will likely push the price of Bitcoin higher.”
Crypto stocks were also getting a much-needed boost on Monday.
) was advancing 8.7% in premarket trading, while cryptocurrency miners
Marathon Digital Holdings
) were gaining 8.6% and 7.3%, respectively. All three stocks have lost upward of 55% this…