Bitcoin rises to $70,206

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May 20, 2024 5:25 PM EDT

FILE PHOTO: Representations of cryptocurrency Bitcoin are seen in this illustration picture taken in Paris, France, March 9, 2024. REUTERS/Benoit Tessier/Illustration/File Photo

(Reuters) - Bitcoin rose to $70,206 at 20:03 GMT on Monday, adding $3,931 to its previous close.

The world's biggest and best-known cryptocurrency is up 82.3% from the year's low of $38,505 on Jan. 23.

Ether, the coin linked to the ethereum blockchain network, rose 13.3% on Monday to $3500.

The approval and launch of spot bitcoin exchange-traded funds in the U.S. this year has opened the asset class to new investors and reignited the excitement that evaporated when prices collapsed in the "crypto winter" of 2022.

(Reporting by Chandni Shah in Bengaluru; Editing by Cynthia Osterman)


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