[Bitcoin Now] Up 2.7% on US Stock Market Rise... Recovers to $27,000 Range

Image source=Reuters·Yonhap News

The US stock market closed higher, leading to a rise in Bitcoin prices as well.

According to CoinMarketCap, a global cryptocurrency market tracking site, as of 7:57 AM on the 29th, Bitcoin was priced at $27,020 (approximately 36.48 million KRW), up 2.73% compared to the previous day. Compared to a week ago, it increased by 1.64%. Until the morning of the previous day, it was trading in the $26,000 range but has now recovered to the $27,000 range.

On the 28th (local time), the Dow Jones Industrial Average closed at 33,666.34, up 116.07 points (0.35%) from the previous session. The S&P 500, focused on large-cap stocks, ended at 4,299.70, up 25.19 points (0.59%). The tech-heavy Nasdaq closed at 13,201.28, rising 108.43 points (0.83%).

The 10-year Treasury yield briefly rose to 4.688%, the highest since October 15, 2007, amid expectations that the US high interest rate environment may persist long-term. However, after the 7-year Treasury auction, the 10-year yield declined, leading to a rebound in stock prices. The 7-year auction yield was 4.673%, marking the highest level since 2009.

West Texas Intermediate (WTI) crude oil prices surpassed $95 per barrel but fell back to the $91 range due to profit-taking, which somewhat eased inflation concerns and positively influenced investor sentiment.

Weekly initial jobless claims increased compared to the previous week but were below market expectations. According to the US Department of Labor, last week's claims rose by 2,000 to 204,000. Wall Street had anticipated 214,000 claims.

The risk of a US federal government shutdown is also drawing attention. A shutdown occurs if Congress fails to pass a budget before the start of the 2024 fiscal year on October 1. As the possibility of a shutdown grows due to congressional deadlock, US government agencies have reportedly begun providing federal employees with guidelines on work procedures in the event of a shutdown.