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Bitcoin advances past $71K
Bitcoin surged up to 5%, hitting $71,521, the highest since June, amid easing concerns over Tether investigations and Trump’s lead in election polls.
The dollar reached three-month highs against the yen following the ruling coalition's loss of a parliamentary majority in Japan's elections.
Oil prices stabilized after a 6% drop, supported by U.S. plans to buy oil for the Strategic Petroleum Reserve, despite ongoing concerns about weaker demand growth.
Brent crude climbed to $71.79, while WTI rose to $68.17; meanwhile, a retreat in U.S. Treasury yields helped Gold attract dip-buyers around $2,725.
Bitcoin
Bitcoin surged by up to 5%, reaching a nearly five-month high of $71,521.0, effectively dismissing recent worries about U.S. government investigations into stablecoin leader Tether. On the back of Trump taking lead so far ahead of the US elections.
Recent polls leaned towards a Trump victory, with recent polls also indicating he is gaining ground against Harris. Trump’s campaign promises include crypto-friendly regulation, a potential boost for the U.S. crypto industry.
USD/JPY
The dollar reached three-month highs against the yen, influenced by the ruling coalition's loss of a parliamentary majority in Japan's weekend elections, which complicated the political and monetary landscape.
Commodities
Oil prices stabilized after a 6% decline, as U.S. plans to purchase oil for the Strategic Petroleum Reserve (SPR) provided some support. However, broader concerns about weaker future demand growth continued to weigh on the market.
Prices had dropped sharply as Iran's oil fields remained untouched, pushing prices lower alongside expectations that OPEC+ may increase production starting in November. Additionally, weakening demand from China has added further pressure.
Brent crude rose to $71.79. while WTI rose to $68.17.
A retreat in US Treasury bond yields caused an intraday pullback in the US Dollar from its highest point since July 30, helping Gold prices draw in dip-buyers around the $2,725 mark as the week began with notable activity.
