Bitcoin Soars to $85,128 as ETF Inflows Boost Crypto Market

Bitcoin has reached an eight-month high of $85,128 on Monday, September 21, as the cryptocurrency extended its recent rally. The world's largest cryptocurrency rose about 5% in early afternoon trading in London to build on a gain of nearly 6% the previous week.

The latest gains came despite the failure to pass the Clarity Act and the Federal Reserve's quarter-point interest-rate increase. Chris Beauchamp, chief market analyst at IG, attributed the rally to recent investment inflows into cryptocurrencies, saying they are 'advancing in a group this morning, a move given strength by recent inflows and one likely to attract even more of those vital funds.'

Naeem Aslam, an analyst at Zaye Capital Markets, pointed to stronger exchange-traded fund inflows, positive regulatory developments, and investors closing previous bets against the cryptocurrency as contributing factors to Bitcoin's advance.