Bitcoin hits $67,000 after more than 3 weeks

ISTANBUL

Bitcoin on Friday climbed above the $67,000 level for the first time in more than three weeks.

The last time the world's biggest cryptocurrency stood above that level was recorded on April 24.

The price of Bitcoin was trading at that level around 4 p.m. EDT (2000GMT) for a daily gain of 2.8%, according to data from CoinMarketCap, a digital asset price-tracking website.

Ethereum, the world's biggest altcoin by market cap, was up 5.2% to $3,090 at 4.37 p.m. EDT (2037GMT), while some altcoins saw their daily prices gain as much as 10%.

The value of the cryptocurrency market stood at $2.42 trillion with a 3.12% daily gain, while Bitcoin's share of the crypto market, known as dominance, was at 54.4% and Ethereum's dominance was at 15.3%.

Bitcoin on May 1 plummeted below the $57,000 level for the first time in more than two months, which marked its lowest level since Feb. 27.

The cryptocurrency market experienced a selloff during that period as investors' demand for Bitcoin fell following its halving last month, and Binance's former CEO and co-founder was sentenced to four months in prison.

The recent rebound in cryptocurrencies came after US consumer inflation in April showed Wednesday a slowdown from the previous month, which increased investors' hopes that the Federal Reserve could start lowering interest rates this September.