Bitcoin Surges to $85,000 as Cryptocurrency Prices Soar

Cryptocurrencies are on the rise, led by Bitcoin's surge to $85,000. Ethereum and Ripple are also trading at higher levels, with Ethereum above $2,700 and Ripple holding steady at $1.47.

The increase in price is being driven in part by fresh inflows into spot Exchange-Traded Funds (ETFs). According to SoSoValue data, Bitcoin ETFs saw inflows of $433 million last Friday, up from $159 million the day before. Cumulative inflows stand at roughly $55 billion, while total assets under management average $102 billion.

Ethereum spot ETFs also saw fresh inflows of $144 million on Friday, breaking a three-day bearish streak. Cumulative inflows stand at approximately $13 billion, with assets under management averaging $17 billion.