The cryptocurrency Bitcoin rose to its highest level in two years, exceeding the threshold of $65,000, on Monday, due to an influx of funds into its exchange-traded funds in the United States.
The price reached its highest level in the session at $65,537 during early trading in Europe, after having already recorded the highest level in two years during Asian trading.
In the latest trading, Bitcoin recorded a 4% increase at $65,045. The largest cryptocurrency recorded its highest level near $69,000 in November 2021.
Bitcoin has risen in market value by 50% this year, and most of the rise has come in the past few weeks with increased inflows into US-listed Bitcoin funds, which were launched earlier this year.
Gold goes up
Meanwhile, gold prices rose today, Monday, to their highest levels in 3 months amid expectations that the Federal Reserve (the US central bank) will reduce interest rates next June.
By 15:20 GMT, gold in instant transactions rose 0.8% to $2,099.8 per ounce, which is the highest level since the fourth of last December, when it reached its highest levels at $2,135.4.
US gold futures fell 0.2% to $2,091.5.
Gold prices increased by about $50 last week, with all gains achieved without exception in the last two days against the backdrop of weak data on spending in the manufacturing and construction sectors in the United States, and declining price pressures according to the central bank’s preferred inflation measure.
According to the CME Group’s “Feed Watch” service, the markets currently expect a 71% probability that the US Central Bank will cut interest rates next June.
Regarding other minerals:
- The price of platinum rose 0.8% to $894.1 per ounce.
- Palladium fell 0.6% to $949.5.
- Silver rose in spot transactions 1.4% to $23.47.
