Bitcoin Tops $57 000 as Large Players Enter Market

Bitcoin reached a two-year high on Tuesday, driven by indications of significant investments from major players in the cryptocurrency market.

Meanwhile, its counterpart, ether, surpassed $3,200 for the first time since 2022.The surge in Bitcoin’s value, rising more than 10% in just two sessions, was fueled by news from crypto investor and software firm MicroStrategy.

MicroStrategy disclosed on Monday its purchase of approximately 3,000 bitcoins, amounting to $155 million. Bitcoin, the original and largest cryptocurrency by market value, has also benefited from the recent approval of bitcoin-owning exchange-traded funds (ETFs) in the United States.

The approval of these ETFs has contributed to increased trading volumes in the funds and boosted crypto-linked firms’ performance, contrasting with the cautious sentiment in broader markets. The positive momentum in Bitcoin’s price reflects growing investor confidence and institutional interest in the cryptocurrency market.

Source: Reuters