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Bitcoin has reached a significant milestone, climbing above $57,000 for the first time since December 2021, during Tuesday’s trading in Asia. This surge highlights a robust interest from institutional investors in the cryptocurrency space. Ether, another major player in the market, similarly achieved a noteworthy milestone by surpassing $3,200, marking its highest level in two years.
The rally, which saw Bitcoin’s value increase by more than 10% over two sessions, is partly driven by a substantial investment from MicroStrategy. The software giant disclosed it had added around 3,000 bitcoins to its portfolio, spending $155 million, signaling strong faith in Bitcoin’s long-term value. Additionally, the approval of Bitcoin-owning exchange-traded funds (ETFs) in the United States has further buoyed the cryptocurrency’s market performance. With trading volumes in these ETFs experiencing a significant boost and crypto-related stocks rallying, Bitcoin’s ascendancy reflects a broader trend of institutional endorsement and optimism within the cryptocurrency market, even as broader markets remain cautious.
