Bitcoin Gives Back Its Overnight Gain As Brent Tops $100

Bitcoin reached $79,701.36 overnight and had round-tripped the move by midday in New York, leaving it flat over 24 hours. Ninety-three of the 123 largest non-stablecoin tokens are lower. Zcash holds a 56.3% weekly gain after DCG exchanged 85,705 ZEC for about $100 million of Grayscale's ETF, a swap disclosed in an 8-K filed Tuesday. U.S. spot bitcoin funds recorded their first outflow since Sept. 1.

Crypto's overnight advance did not survive the U.S. open on Wednesday. Bitcoin carried a gain out of the Asian and European sessions, gave all of it back in the first hours of New York trading, and by midday sat within $60 of where it closed on Tuesday.

The tape is waiting on two federal price releases. August producer prices publish Thursday and consumer prices Friday, both at 8:30 a.m. ET, and they are the last scheduled inputs before a Federal Open Market Committee meeting at which prediction-market traders now favor a rate increase. Zcash is trading on its own news, after Digital Currency Group put $100 million into Grayscale's listed fund on Tuesday.

Bitcoin last changed hands at $78,591.04, down 0.1% over 24 hours and up 2.4% over seven days, after trading between $78,308.42 and $79,701.36, CoinGecko data shows. Ether was at $2,497.54, down 0.2% on the day and up 4.1% on the week, on a range of $2,472.65 to $2,521.51.