Bitcoin passes $70,000 level once again

By Ovunc Kutlu

ISTANBUL (AA) – Bitcoin's price on Monday climbed above $70,000 once again after seven days.

The price of the world's biggest cryptocurrency hit $70,000 around 9.45 a.m. EDT (1345GMT). It was trading at $69,314 at 11.37 a.m. EDT (1537GMT) for a daily gain of 1.56%.

Bitcoin was last trading above that level last Monday, while it dove to as low as $66,692 on Friday for a daily loss of 1.18%.

Ethereum was down 0.22% to $3,791 at the same time, as it declined around 4.5% in the last seven days, according to data from CoinMarketCap, a digital asset price-tracking website.

The world's biggest altcoin by market cap rallied over 26% in previous week when the US' Securities and Exchange Commission approved applications from three exchanges to list spot Ethereum exchange-traded funds (ETFs), which boosted the price of the altcoin.

The total value of the cryptocurrency market stood at $2.57 trillion with a 1.12% daily gain on Monday, while Bitcoin's share of the crypto market, known as dominance, was at 53.1%. Ethereum's was at 17.7%, according to CoinMarketCap.

Bitcoin ETFs saw net inflows of only $171 million last week, significantly down from $1 billion the week before, according to data from Farside Investors, a London-based investment management company that specializes in global equities and cryptocurrency.

Net inflows of Bitcoin ETFs have now surpassed $13.8 billion since they started trading in January.