Inflation Data Sends Bitcoin Near 3-week High

Bitcoin rose sharply on Monday morning. Ethereum and cryptocurrencies also soared on the news of inflation fears.

Bitcoin is up 3% at $65,249.08

The Ether portion, which supports the Ethereum network, rose to an all-time high of $4,711. Ether is up 57% and Bitcoin is up 50% since the launch of the first US Bitcoin Future ETF.

Many are also trying to hedge against rising inflation, as Bitcoin is seen as an alternative to gold to protect the value of assets against shrinking purchasing power.

Negative real yields increase the attractiveness of assets such as gold and coupon-free cryptocurrencies, prompting financial institutions to participate.

Previously, the largest Australian bank offered trading in cryptocurrencies to retail customers. Singaporean authorities also commented positively on this asset class.

The acceptance of digital currencies is widespread. As seen last week, New York City Mayor Eric Adams has said he wants to receive his first three salaries in Bitcoin. He wants to signal his intention to make the city a center of the cryptocurrency industry.

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