Smaller peers including Ether, Litecoin and Solana also rallied. The advance came as traders await the trial of Sam Bankman-Fried, founder of bankrupt crypto exchange FTX, which is scheduled to begin Tuesday.
“There appears to have been significant buying flows, possibly driven by the start of a new accounting quarter, and the resulting moves were exacerbated by scarce week-end liquidity,” said Caroline Mauron, co-founder of digital-asset derivatives liquidity provider OrBit Markets in Singapore.
The rally is expected to continue in October, typically a positive month for crypto markets, with $30,000 seen as the next major resistance level for Bitcoin, she said.
Bitcoin Climbs to Highest Since Mid-August
Did you Know?
SAP has launched a new enterprise on the Metaverse with the aim of accelerating cloud adoption among Indian firms. The interactive and immersive ‘cloud on wheels’ platform will enable customers to experience the full range of SAP’s offerings and reimagine processes for improved business outcomes.
The rally was also been helped by speculation the US Securities and Exchange Commission will eventually approve BlackRock Inc.’s Bitcoin ETF proposals, even though the regulator deferred the decision last week, said Hayden Hughes, co-founder of social-trading platform Alpha Impact.
Bankman-Fried last week lost yet another bid to be released from a Brooklyn federal jail days before he goes on trial. The government claims he ran a multibillion-dollar years-long fraud at FTX. He has pleaded not guilty.
A wallet linked to FTX that was hacked last November saw some activity for the first time in a nearly a year, with more than $4 million of Ether tokens being moved, CoinDesk reported.
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