Bitcoin’s price jumped Monday after a series of positive developments. Investors continue to watch developments in Ukraine, the Federal Reserve and the war in Ukraine.

Bitcoin saw gains extend from its Sunday rally that broke above the critical level of $45,000 on Sunday and erased all losses until 2022. Coin Metrics reports that it was trading more than 6% higher last week at $47620.75. The highest price since Jan. 2 was $47,754.31, which it reached earlier in the morning.

Since Friday, the digital currency has been on the rise with a gain of almost 7%.

There isn’t one catalyst that drives the bitcoin price movements, but there have been several bullish events for bitcoin within the past week. This shows institutional demand for greater exposure to the digital asset.

For example, Goldman Sachs last week became the first major U.S. bankYou can trade bitcoin directly over the counter. Cowen stated that it would soon be possible for institutional customers to access bitcoin trading. Ray Dalio’s Bridgewater also stated that it is about to invest in a crypto fund.

Alexander Mamasidikov cofounder of MinePlex mobile digital bank, stated: “The continued capital splash into digital currency is an indication that investors are not willing to take a seat in price movements that could push Bitcoin to a peak not seen since November 20,21.”

Terra, the network that created the Luna token is building a $10 Billion bitcoin reserve fund for TUSD. Each day it has bought more bitcoin, with more than $100million in bitcoin purchased Monday.

Yuya Hasegawa, crypto market analyst at Japanese bitcoin exchange Bitbank, noted that the bitcoin futures market was accumulating short positions when the price fluctuated below $40,000, which resulted in about $71 million in liquidations on Sunday.

According to him, “From a technical standpoint, bitcoin has broken free from an ascending triangular, which indicates an upward trend. It is likely that it will continue its rally in the near term.”

He said the market must proceed cautiously ahead of the Personal Consumption expenditures report and jobs report, which are due to be released later in the week. Powell also noted that results may lead to a 50 basis-point rate rise at the FOMC meeting. Jerome Powell, Fed Chair, was last week. vowed to be tough on inflation and said rate increases could become more aggressive if necessary.