Bitcoin Above $84,000, Near 8-Month High

Bitcoin is trading today around $84,775, up about 0.7% during the day, according to financial market data.

The world’s largest cryptocurrency has remained near the level above $85,000, after days earlier reaching its highest point in 8 months. According to MarketWatch, Bitcoin crossed the $85,000 level for the first time in 8 months.

Trading Economics data show that Bitcoin rose slightly today, while over the last 4 weeks it has posted gains of over 8%.

International financial media report that the rise has been influenced by institutional demand, inflows into Bitcoin ETFs and expectations for clearer regulation of the cryptocurrency market. Investopedia reported that Bitcoin traded near $86,000, approaching the recovery of this year’s losses.

However, analysts warn that the cryptocurrency market remains volatile and sensitive to central bank decisions, regulators and movements in global markets.