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Crypto giant Bitcoin surges to highest in almost three weeks

Analysts say there is no specific news catalysts for the gains

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Crypto giant Bitcoin surges to highest in almost three weeks
GNN Media: Representational Photo

Bitcoin climbed on Tuesday to its highest in almost three weeks, adding to its gains since Russia's invasion of Ukraine, pulling up smaller digital coins such as ether.

Bitcoin climbed as much as 5.6% to $43,337, its highest since Mar. 3, and was last up 3.6%. Ether, the second largest digital coin, climbed as much as 5.4% to its highest since Feb. 17.

The original cryptocurrency has added more than 26% since its intra-day low of $34,324 on Feb. 24 when Russia invaded Ukraine. Its recovery has mirrored gains for stocks, albeit it to a stronger degree.

Analysts said there was no specific news catalysts for the gains, citing tentative appetite for riskier assets that buoyed European stock indexes on Tuesday.

Still, crypto investment products and funds showed net outflows for a second straight week, digital asset manager CoinShares said on Monday. 

SOURCE: REUTERS

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