Bitcoin trades like a stock as institutional investors take interest in cryptocurrencies

time:02-11 02:30 source:Internet

Bitcoin prices rebounded slightly as investors shrugged off a higher-than-expected inflation report that sent 10-year U.S. Treasury yields surging. Bitcoin rose 0.5% to $44,852.49, according to Coin Metrics. Earlier in the morning, it fell about 2% along with stocks as new key inflation data showed the largest reading since 1982 and pushed the 10-year Treasury yield higher. As yields rise, tech stocks tend to fall, as growth-oriented companies are more likely to offer investors higher returns in the far future than in the near term, according to a CNBC analysis. For months, Bitcoin has been trading like a stock, especially like a tech stock, and some have even traded it as a risk asset, as more institutional investors have taken an interest in cryptocurrencies. As a result, cryptocurrencies have been selling in tandem with tech stocks, which fell sharply at the start of the year despite a rebound in February.

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