Bitcoin surged to a two-year peak on Tuesday as indications of significant investors entering the cryptocurrency market emerged, while its competitor, ether, surpassed $3,200 for the first time since 2022.
Over the course of two sessions, Bitcoin has soared by over 10%, driven in part by an announcement on Monday from crypto investor MicroStrategy. The company disclosed its acquisition of approximately 3,000 bitcoins, amounting to $155 million.
Boosting Bitcoin’s momentum further has been the recent approval of Bitcoin-backed exchange-traded funds (ETFs) in the United States. This approval resulted in a surge in trading volumes for several ETFs and saw crypto-related companies rallying, contrasting with the cautious sentiment in broader markets.
Bitcoin reached a peak of $57,036 during the Asian trading session, marking its highest level since late 2021. Meanwhile, ether climbed to $3,275, achieving its highest value since April 2022.
Justin d’Anethan, head of partnerships in Asia at Keyrock, a digital asset market maker, commented, “There’s only so much supply… but the demand unleashed by the U.S. spot ETFs seems to be relentless.”
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