LONDON (Reuters) – Bitcoin surged to its highest level in over three weeks on Tuesday, extending its gains since Russia’s invasion of Ukraine, and boosting smaller digital currencies such as ether.
Bitcoin rose 5.6 percent to $43,337, the highest level since March 3, and was up 3.6 percent at the time of writing. Since February 17, Ether, the second-largest digital currency, has risen by 5.4 percent. It reached its highest level since then.
Since its intra-day low of $34,324 on Feb. 24, when Russia invaded Ukraine, the original cryptocurrency has gained more than 26%. Its rebound has paralleled that of stocks but to a greater extent.
Analysts blamed the rises on a lack of specific news events, noting that a hesitant demand for riskier assets pushed European stock indices up on Tuesday.
Nonetheless, crypto investment products and funds had net outflows for the second week in a row, digital asset management company CoinShares said on Monday.
