The price of bitcoin saw a modest bounce on Thursday as investors shook off a hotter-than-expected inflation report.
Bitcoin rose 0.5% to $44,852.49, according to Coin Metrics. Earlier in the morning it fell about 2% alongside equities as new key inflation data showed the largest reading since 1982 and sent the 10-year yield higher.
At its high, the benchmark yield hit 2.001% on Thursday.
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Tech stocks tend to fall as yields rise, as growth-oriented companies are more likely to give investors higher returns in the distant future rather than the near term.
Bitcoin has been trading like equities, and specifically like tech stocks, for several months as more institutional investors take an interest in the crypto, with some even trading bitcoin as a risk asset. As a result, the cryptocurrency has been selling off in tandem with tech stocks, which declined sharply to start the year, despite a rebound in February.
