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Bitcoin Climbs to Highest Level in a Month

The price of bitcoin rose above $45,000 for the first time since early January when trading of U.S. spot bitcoin ETFs began.

Bitcoin was last higher by nearly 3% at $45,391.18, according to Coin Metrics, pulling crypto-related stocks higher, although ether hovered at the flat line.

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The flagship cryptocurrency’s move came as shares of New York Community Bancorp extended losses Thursday. Worries about U.S. regional banks have worked in Bitcoin’s favor since last year’s regional banking crisis when investors who lost confidence in the banks turned to the cryptocurrency as a hedge against uncertainty.

Traders also point out that bitcoin accumulation by large investors, known as “whales,” has increased in the past two weeks, when the cryptocurrency’s price has been stuck below December and January highs.

Bitcoin’s dollar value crossed $45,000 apiece Thursday, its highest level in a month, according to data from CoinDesk.

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