On Monday, the price of bitcoin increased by more than 6%, reaching its highest level in a month.
According to Coin Metrics, Bitcoin has reached a high of $44,500, its highest level since January 5.
It peaked at $47,013 at the time. Bitcoin was trading at $44,068.88 as of 4:02 p.m. ET.
These changes followed a significant rise in the price of bitcoin on Friday when better-than-expected U.S. employment data was released.
Many investors saw the data as further evidence that the Federal Reserve would begin raising its benchmark interest rate this year, starting next month, and Treasury rates jumped as a result.
Economic stories have lately put greater pressure on bitcoin than ever before, as new institutional investors see it as a risk asset. However, there is still no agreement on the value of bitcoin.
The digital currency has also risen in tandem with equities prices, with major stock indexes showing big weekly gains last week while bitcoin soared.
Experts, on the other hand, are skeptical of this rebound, particularly after bitcoin went below $40,000 twice last month.
The digital currency is also much lower than its all-time high of more over $60,000, which it hit last year.
it’s can be a bounce, Noelle Acheson, Genesis’ head of market insights, speculated.
