Bitcoin scorches past $57,000 as big buyers flock in
Bitcoin has rallied more than 10% in two sessions, helped by Monday's disclosure from crypto investor and software firm MicroStrategy that it had recently purchased about 3,000 bitcoins for an outlay of $155 million.
The original and largest cryptocurrency by market value has also been buoyed recently by the approval of bitcoin-owning exchange-traded funds (ETFs) in the United States. On Monday, trading volumes in several of the funds spiked and crypto-linked firms rallied too, in contrast to nervous broader markets.
Bitcoin was last up 4.7% at $57,232, while ether reached as high as $3,290, its highest since April 2022.
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View Details» «There's only so much supply… but the demand unleashed by the U.S. spot ETFs seems to be relentless,» said Justin d'Anethan, head of partnerships in Asia at Keyrock, a digital asset market maker.
A major incentive right now is the bitcoin halving event in April. This process is designed to slow the release of bitcoin, whose supply is capped at 21 million — of which 19 million have already been mined — by cutting the reward for producing the tokens in half.
Bitcoin has gained 32% in value so far in February, heading for its largest one-month gain since January 2023, and momentum is building beyond the investment community.
Social media platform Reddit, which on Feb. 22 filed to list its shares on
