Bitcoin Hits Three-Week High Before CPI Data, Ethereum Upgrade

Bitcoin extended a rally amid a brighter mood in global markets and as traders await US inflation data and monitor a seminal upgrade of the Ethereum blockchain.

The largest token rose as much as 3.3% on Monday and was trading a little above $22,000 as of 9:55 a.m. in London. Smaller coins like Solana also pushed higher but Ether lagged behind.

Bitcoin jumped about 10% on Sept. 9, part of a broader embrace of beaten-down assets encouraged by a weaker dollar that hinted at a little less investor fear in a tough year. The greenback continued to slide at the start of the week.

A blackout period for comments from Federal Reserve officials before the US interest-rate decision this month may be one of the factors helping Bitcoin, according to Tony Sycamore, senior market analyst for City Index in Sydney.