Bitcoin climbs to highest in almost 3 weeks

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

Bitcoin climbed as much as 5.6 per cent to US$43,337, its highest since Mar 3, and was last up 3.6 per cent. Ether, the second largest digital coin, climbed as much as 5.4 per cent to its highest since Feb 17.

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

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

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