Bitcoin peaks at $65,000 on Monday

Bitcoin reached $65,000 for the first time in three weeks on Monday, driven by renewed interest in US Bitcoin exchange-traded funds (ETFs) and expectations of looser Federal Reserve monetary policy.

The cryptocurrency climbed 1.2 per cent to $65,030 before slightly retreating to $64,000 by 1:35 pm in Singapore. Last week, Bitcoin saw a 7.4 per cent gain, marking its strongest weekly performance since mid-July.

Federal Reserve Chair Jerome Powell’s recent signals of a potential rate cut contributed to a $252 million net inflow into a dozen US spot-Bitcoin ETFs, the largest in over a month. The funds have experienced inflows for seven consecutive days.

In contrast, US spot-Ether ETFs faced a net outflow, with Ether falling by 1.7 per cent on Monday. Toncoin also faced losses following the detention of Telegram co-founder Pavel Durov in France.