The price of Bitcoin surged past $65,000 per coin for the first time this month early Monday, with CoinGecko data showing that the leading crypto asset is now just above the $66,000 mark as well.

Bitcoin was last trading this high on September 27. The biggest virtual coin by market cap got off to a slow start at the beginning of "Uptober"—what traders call October because of the historically large gains they typically see during the month—but it is now up more than 6% in 24 hours.

In the past 30 days, Bitcoin has risen by over 10%. Earlier this month, the asset dropped as low as $59,000.

Bitcoin
BTC
-3.55%$84,282.65
24H7D1M1YMAX
Created with Highcharts 10.3.3Feb 28Mar 2Mar 4Mar 6Mar 8Mar 10Mar 12Mar 14Mar 16Mar 18Mar 20Mar 22Mar 24Mar 26Mar 28$75000$80000$85000$90000$95000$100000
Price data by
BTC price

Money has flowed back into new Bitcoin exchange-traded funds (ETFs) following the Federal Reserve's decision last month to cut sky-high interest rates.

Bitcoin and other cryptocurrencies behave like "risk-on" assets, which typically perform better when interest rates are lower.

Elsewhere, Ethereum's price has risen nearly 6% in the past day and currently stands at $2,595 per coin. Over the last 30 days, it has jumped by 8%.

Bitcoin Price Drops Sharply as 'Uptober' Begins With Mass Liquidations and Middle East Tensions

The Bitcoin price dropped sharply Tuesday morning at the beginning of a month historically expected to bring in gains for traders. The price of the largest digital asset now stands at $62,798, CoinGecko shows, after dropping as low as $62,633. In a 24-hour period, it's down nearly 2%. U.S. equities also experienced a sharp sell-off and the price of oil rose after the White House said it was expecting Iran to attack Israel. Tensions in the Middle East have previously caused sell-offs of "risk-on"...

NewsMarkets
2 min read
Mat Di Salvo

And Solana, the fifth-biggest digital asset by market cap, has risen by nearly 6% too and is now priced at $155 per coin.

Tensions in the Middle East and worries over the Federal Reserve's next moves frightened traders away from Bitcoin for months. The biggest digital currency hit a new all-time high of nearly $74,000 in March, but has struggled to remain near that level for months.

Is it only up from here?

Edited by Andrew Hayward

Daily Debrief Newsletter

Start every day with the top news stories right now, plus original features, a podcast, videos and more.