Bitcoin surges past $57,000 amid investor influx

  • Bitcoin surged to a two-year high, poised for its largest two-day gain of the year, driven by MicroStrategy’s $155 million investment.
  • The legalisation of bitcoin-owning ETFs in the US has further fueled the rally, with February witnessing a 32% surge in bitcoin’s value.
  • Ether broke the $3,200 mark for the first time since 2022, propelled by a 41% increase this month, buoyed by growing expectations of regulatory approval for spot ether ETFs.

Bitcoin reached a two-year high on Tuesday and was poised for its largest two-day rise of the year. Meanwhile, competitor cryptocurrency Ether crossed $3,200 for the first time since 2022.

Bitcoin reaches new heights

Bitcoin just increased 4.7% to $57,232.

Due in part to MicroStrategy’s announcement on Monday that it has recently invested $155 million in cryptocurrency and bought about 3,000 bitcoins, the cryptocurrency has surged more than 10% in only two sessions.

The legalisation of bitcoin-owning exchange-traded funds (ETFs) in the US has also helped the original and biggest cryptocurrency by market value.

The April bitcoin halving event is a big incentive. By halving the reward for creating tokens, this method aims to slow down the release of bitcoin, the quantity of which is set at 21 million, 19 million of which have already been mined.

February has seen a 32% increase in the value of bitcoin, putting it on track for its biggest one-month rise since January 2023. This enthusiasm is spreading beyond the investing sector.

Also read: Bitcoin now 80 trillion times more difficult to mine, with halving set for April

Ethereum gains momentum

This month, ether has increased even more quickly and is expected to gain 41%.

This most recent price increase has been aided by increased market players’ anticipation of potential regulatory approval of spot ether ETFs.

According to the financial news platform, DailyFX, senior strategist Nick Crawley, “The prospect of a spot ethereum ETF is a further development for traders and investors alike after the recent launch of a variety of bitcoin ETFs.

“It represents a further maturation of the cryptocurrency market and a recognition of ethereum’s role in the future of cryptocurrencies within the financial system.”

Sylvia-Shen

Sylvia Shen

Sylvia Shen, an intern reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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