Bitcoin surged to $65,030 on Monday, marking its highest price in nearly three weeks, as renewed interest in US exchange-traded funds (ETFs) coincided with indications that the Federal Reserve might ease monetary policy.
The leading cryptocurrency saw a 1.2% increase to hit $65,030 earlier in the day but subsequently fell to $64,000 by 1:35 p.m. in Singapore. Last week, Bitcoin experienced a notable 7.4% rise, its largest gain since mid-July.
Federal Reserve Chair Jerome Powell signaled on Friday that the central bank might lower its benchmark interest rates from a peak not seen in over 20 years, suggesting a more favorable environment for global markets.
Powell’s comments triggered a $252 million net inflow into a dozen US spot-Bitcoin ETFs, marking the highest inflow in over a month. These funds have seen a seven-day streak of positive inflows.
“All eyes are on the Fed,” said Cici Lu McCalman, founder of blockchain consultancy Venn Link Partners. She noted that a potential September rate cut could further boost Bitcoin’s performance.
In contrast, US spot-Ether ETFs experienced a net outflow on August 23, with Ether itself declining by up to 1.7% on Monday. Other major cryptocurrencies remained relatively stable.
Toncoin, associated with the messaging app Telegram, faced setbacks following the detention of Telegram co-founder Pavel Durov in France.
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