U.S. Bitcoin Funds Rebound Above $81K

Bitcoin funds traded on the U.S. stock exchange that invests directly in the digital currency experienced significant inflows last weekend, attracting $593 million on Thursday and Friday to compensate for previous outflows. This helped Bitcoin's price rise above $81,000 for the first time in two weeks. Bitcoin surged more than 6% on Friday, achieving a slight increase to around $82,078 in Singapore today. This recovery came after a challenging week marked by the failure of a major U.S. cryptocurrency bill, the Federal Reserve's first interest rate hike in over three years, and the Securities and Exchange Commission's approval of trading digital versions of securities in the United States, all of which boosted investor confidence. However, the Bitcoin market remains under pressure from rising crude oil prices above $100 and continued increases in U.S. Treasury yields, which threaten the sustainability of the momentum if the price surpasses $82,266—the highest level in four months.

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