The price of bitcoin climbed more than 6% on Monday, hitting its highest level in a month.
Bitcoin 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, there’s still not consensus on how best to value bitcoin.
The digital currency has also been following equity prices higher, with the major stock indexes posting strong weekly gains last week, while bitcoin rose.