Bitcoin rises to highest level since June 2022

Top cryptocurrency bitcoin hit a nine-month high of $26,533 on Tuesday, in its fourth consecutive day of gains, as it appeared to benefit from chaos in global markets following last week’s collapse of Silicon Valley Bank.

Bitcoin rose to $26,533 at around 1306 GMT, up around 10 per cent on the day at its highest since June 2022. It gained 7.6 per cent on Sunday and 9.1 per cent on Monday.

The dollar was little changed overall after US consumer price data on Tuesday showed inflation still rising, but at a slower pace than the previous month, in a widely anticipated reading that may lead the Federal Reserve to slow or even pause hiking interest rates next week.

Cryptocurrency prices fell sharply in 2022 as rising rates prompted investors to ditch risky assets. A series of collapses at high-profile crypto firms, including major exchange FTX, left customers with large losses.