Bitcoin heads for a third consecutive week of gains
Bitcoin is heading for its third consecutive week of gains: on September 4, its price rose to $82,272.31, while at the time of publication it was trading at $81,151.10. Since the start of the week, the cryptocurrency has gained 4.6%, CNBC Top News reports.
Highest level since May
Bitcoin's overnight high was its highest since May 11, when the asset's value reached $82,499.99. Since the beginning of June, the cryptocurrency had mostly traded in a range between $60,000 and $70,000. At the end of August, it broke above the $70,000 mark and has continued to rise since then.
According to CNBC, traders sought safe-haven assets amid volatile moves in stock, currency and bond markets. Interest in bitcoin increased alongside the return of the so-called debasement trade — a strategy in which investors move funds out of the dollar into assets such as cryptocurrencies or gold.
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Dollar and bond movements
Dominika Nestarovka, an executive director for digital assets at Goldman Sachs, linked the price breakout at the end of August to the revival of this strategy in a note on Thursday. According to her, the U.S. Treasury announced increased purchases of long-term Treasury bonds, after which long-term bond yields fell, the dollar weakened, and bitcoin and gold rose in price.
Other cryptocurrencies also posted gains. Ether reached $2,545.62 on Friday, its highest level since August 27. Solana rose to around $105.70, its highest price since August 31.
