Bitcoin just cracked its highest price since January. Why is BTC rising?

Mortgage rates and Treasury yields aren’t the only things shooting to the moon. The price of Bitcoin (BTC) has also quietly mounted a significant rally over the past month, eclipsing the $85,000 mark as of this writing on Monday morning. That’s an increase of 14% over the past 30 days, and 21% over the past six months. Though Bitcoin is still down slightly, around 2%, since the beginning of the year, it recently surpassed levels not seen since January. Other popular cryptocurrencies are also up over the last month, including XRP and Ethereum (ETH), both of which have increased by about 17% over the last 30 days. Why is crypto rising? As for what’s fueling the rally, it’s likely a combination of factors. For Bitcoin in particular, one notable factor is that Bitcoin ETFs collectively absorbed more than $3.5 billion in August—the strongest month of the year so far. That’s laid a foundation of buying demand, and so far in September, the inflows have largely continued, increasing demand and effectively pushing up prices. The activity may have caught the attention of some investors or traders who have been sitting on the sidelines, waiting for crypto markets to turn positive after a yea…