The price move comes ahead of the release of key employment data that could influence Federal Reserve policy. Meanwhile, concerns over France's public finances have intensified. French five-year credit default swaps have climbed to a multiyear high, and the gap between French and German 10-year bond yields has widened to its largest in 14 years, according to data cited by Bloomberg. France's borrowing costs have overtaken those of Italy and Greece, with French yields trading at the highest level relative to German bunds since the European debt crisis. France also faces one of the European Union's largest fiscal deficits.
In other crypto developments, stablecoin issuer Tether's USDT is "coming home" to the Bitcoin blockchain this month, more than a decade after its debut there. The U.S. Securities and Exchange Commission has proposed new crypto custody rules for investment advisers and funds. Additionally, a $3.8 million exploit hit the NEAR Intents protocol, adding to a year of significant hacks in the crypto space. Illinois has agreed to a six-month delay of a crypto tax as the industry continues its court battle.