Bitcoin Lifted by Reduced U.S. Rate-Rise Bets

Dow Jones15:11

0711 GMT - Bitcoin stays elevated after reaching a one-week high earlier as U.S. interest-rate rise expectations ease, boosting risky assets. Federal Reserve governor Philip Jefferson said the Fed might need more time to assess the direction of the economy before making any additional policy adjustments. The U.S. nonfarm payrolls report at 1230 GMT will be closely monitored for clues on future policy. Stronger-than-expected jobs data could push Treasury yields and the dollar higher, potentially weakening bitcoin, Zaye Capital Markets analyst Naeem Aslam says in a note. "Softer labor data could reduce expectations for further tightening, weaken yields and improve the environment for renewed [bitcoin] exchange traded fund inflows." Bitcoin rises 1.6% after reaching as high as $86,807 earlier, according to LSEG.

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