Bitcoin climbs to highest in almost three weeks

LONDON: Bitcoin climbed on Tuesday to its highest in almost three weeks, adding to its gain since Russia’s invasion of Ukraine, pulling up smaller digital coins such as ether. 

Bitcoin climbed as much as 5.6% to $43,337, its highest since March 3, and was last up 3.6%. Ether, the second-largest digital coin, climbed as much as 5.4% to its highest sinec February 17.

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The original cryptocurrency has added more than 26% since its intra-day low of $34,324 on February 24 when Russia invaded Ukraine. Its recovery has mirrored gains for stocks, albeit to a stronger degree.

Analysts said there was no specific news catalysts for the gains, citing a tentative appetite for riskier assets that bouyed European stock indexes on Tuesday.

Still, crypto investoment products and funds showed net outflows for a second straight week, digital asset manager CoinShares said on Monday.

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