The price of Bitcoin (BTC) has reached $66,000 U.S., its highest level since early August of this year, as inflows to spot exchange-traded funds (ETFs) accelerate.
Bitcoin reached a two-month high of $66,000 U.S. in European trading as investors plow money back into BTC ETFs a week after the U.S. Federal Reserve lowered interest rates.
Bitcoin is currently trading right around $65,900 U.S. The price of the largest cryptocurrency by market capitalization has risen 22% from a trough of $53,857 U.S. reached on Sept. 7.
The catalyst for the big move higher has been the U.S. Federal Reserve’s decision on Sept. 18 to lower interest rates by 50-basis points.
The American central bank has signalled that more rate cuts are likely in coming months, sending investors rushing back into riskier assets such as cryptocurrencies.
Spot Bitcoin ETFs in the U.S. saw inflows of $365 million U.S. on Sept. 26, one of their best days since the funds launched in January of this year.
Over the past week, more than $600 million U.S. of investor capital has been plowed into spot Bitcoin ETFs as investors’ enthusiasm for crypto is reignited after a decline seen over the summer months.
Other cryptocurrencies and meme coins are also seeing their prices rise. Dogecoin’s (DOGE) price increased 9% over the last 24 hours, according to market data.
