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Fortune

Catherine McGrath

Bitcoin soars past $66,000 as August inflation rate comes in lower-than-expected

Bitcoin Inflation United States PBOC China ETF Grayscale Bitcoin Trust

Chair of the Federal Reserve, Jerome Powell, stands at a podium to give a speech on July 31 (Credit: Andrew Harnik—Getty Images)

Bitcoin climbed more than 2% to end the week, reaching $66,000 on Friday. This rise comes as positive inflation data fuels optimism amongst investors, and as spot Bitcoin exchange-traded funds saw large inflows on Thursday.

Bitcoin peaked around $66,500 on Friday just before noon, before paring gains and holding around $66,000. The leading cryptocurrency has not reached such a high since late July. Ethereum also soared on Friday morning, jumping about 2% from $2,644 to $2,699 within forty-five minutes.

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