© Reuters. File image of cryptocurrency logos on a cryptocurrency ATM on the Bity platform at a location in Zurich, Switzerland. June 25, 2021. REUTERS / Arnd Wiegmann
SYDNEY, Nov 8 (Reuters) – He climbed to all-time highs on Monday and ether hit its highest levels as cryptocurrencies rally on the back of rising funds, favorable news and inflation-related fears.
* Bitcoin jumped more than 4% to $ 66,170, approaching the $ 67,016.50 level reached on October 20, while ether, which underpins the network, stood at a record $ 4,768.07.
* Ether has risen around 59% since the beginning of October, while bitcoin accumulates an advance close to 51%. A bitcoin exchange-traded fund was launched in the United States last month, at a time when investors are seeking exposure to an asset class that is sometimes seen as a hedge against inflation.
* Falling real returns, as traders brace for inflation, increases the attractiveness of assets like cryptocurrencies and assets, according to Kyle Rodda of brokerage IG Markets. The analyst added that the mood in the sector has also been good.
* “Financial institutions want to be part of this, regulators don’t want to suppress it too much,” he said. “We are almost past the tipping point, where it is part of the system and it will be very, very difficult to get it out.”
* In recent weeks, Australia’s largest bank has said it will offer cryptocurrency trading to retail clients and the Singaporean authorities have been positive about that asset class. Cryptocurrencies have also been supported by a positive mood on the stock markets.
* Last week, New York Mayor-elect Eric Adams said he would receive his first three paychecks in Bitcoin and signaled his intention to make his city the “center of the cryptocurrency industry” after a similar promise. from the mayor of Miami.
(Reporting by Tom Westbrook; additional reporting by Kevin Buckland; edited in Spanish by Janisse Huambachano)
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