Bitcoin rises as investors focus on long-term demand-driven factors.

Bitcoin rose in early Asia trading, as investors continue to focus on its long-term demand drivers. Financial services company AlchemyJ said the cryptocurrency just experienced its worst trading week since March 2022, as funds shifted from digital assets to stocks ahead of Alphabet's $85 billion stock offering and the upcoming SpaceX $75 billion issuance. However, the asset management company emphasized that Bitcoin's long-term demand drivers remain intact, including massive fiscal deficits, ongoing inflation, concerns about currency devaluation, and the increasingly important role of the cryptocurrency as a hedge tool alongside gold. Bitcoin was up 2.1% to $63,151.05.