Bitcoin rises to its highest level in a month, bouncing from January lows

Bitcoin rises to its highest level in a month, bouncing from January lows

The price of bitcoin climbed more than 6% on Monday, hitting its highest level in a month. rose to as much as $44,500, according to Coin Metrics, its highest level since Jan. 5. Back then, it hit a high of $47,013. As of 4:02 p.m. ET, bitcoin traded at $44,068.88. Those moves built on a sharp pop on Friday, following the release of better-than-expected U.S. jobs data. Many investors saw the data as further encouragement for the Federal Reserve to begin hiking its benchmark interest rate this year, beginning next month, and Treasury yields rose. Economic stories have been pressuring bitcoin more than ever before recently, as new institutional investors treat it like a risk asset. However, . The digital currency has also been following equity prices higher, with the major stock indexes posting their biggest weekly gains of 2022, while bitcoin rose. However, experts aren't sold on this bounce just yet, especially after bitcoin twice last month. The digital currency is also well below its all-time high reached last year above $60,000. "Maybe it is just that — a bounce," said Noelle Acheson, head of market insights at Genesis. Acheson said open interest in bitcoin futures has ticked up