Bitcoin reaches $57,000 price level for the first time since the end of 2021 Business
Bitcoin Reclaims $57,000 level for the first time since late 2021, supported by investor demand Through exchange-traded funds as well as forward purchases by MicroStrategy Inc.
The digital asset rose 4.4% to $57,039 as of 10:22 a.m. on Tuesday in Singapore and was trading at $56,473, paring some of the gains. The price of Bitcoin has surged 33% since the beginning of the year, extending a lengthy rally that has also fueled speculative appetite for smaller tokens like Ether and BNB.
A net $5.6 billion has been invested in a batch of historic Bitcoin ETFs that began trading in the US on January 11, signaling a surge in demand for the token beyond committed digital-asset enthusiasts. The upcoming reduction in token supply growth will be halved. Adding to the optimistic feeling.
MicroStrategy, an enterprise software firm that buys bitcoin as part of its corporate strategy, said on Monday it had purchased 3,000 or more of the tokens this month. The company now owns approximately $10 billion in Bitcoin.
“Given Bitcoin’s breakout and positive medium-term momentum, we do not expect a larger decline than this,” Katie Stockton, founder of Fairlead Strategies, wrote in a note.
According to CoinGecko, the combined value of digital assets is now about $2.2 trillion, compared to a low of about $820 billion during the 2022 bear market when FTX and other crypto platforms collapsed.
Digital tokens are surging even as investors have lowered expectations of loose monetary policy this year, evidenced by the rise in US Treasury yields.
“Crypto’s bullish momentum is emerging despite the rate hike,” Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors, wrote in a note.
Bitcoin has outperformed traditional assets like stocks and gold this year. The ratio comparing the price of the token to the precious metal is at the highest level in more than two years.
Shares of crypto-related companies rose in the US on Monday. MicroStrategy rose 16%, trading platform Coinbase Global Inc rose 17% and miner Marathon Digital Holdings Inc rose 22%.
Positive sentiment spread across Asian stocks tied to digital assets, including gains in companies such as Japan’s Monex Group and South Korea’s Woori Technology Investment Co. on Tuesday.
The digital asset rose 4.4% to $57,039 as of 10:22 a.m. on Tuesday in Singapore and was trading at $56,473, paring some of the gains. The price of Bitcoin has surged 33% since the beginning of the year, extending a lengthy rally that has also fueled speculative appetite for smaller tokens like Ether and BNB.
A net $5.6 billion has been invested in a batch of historic Bitcoin ETFs that began trading in the US on January 11, signaling a surge in demand for the token beyond committed digital-asset enthusiasts. The upcoming reduction in token supply growth will be halved. Adding to the optimistic feeling.
MicroStrategy, an enterprise software firm that buys bitcoin as part of its corporate strategy, said on Monday it had purchased 3,000 or more of the tokens this month. The company now owns approximately $10 billion in Bitcoin.
“Given Bitcoin’s breakout and positive medium-term momentum, we do not expect a larger decline than this,” Katie Stockton, founder of Fairlead Strategies, wrote in a note.
According to CoinGecko, the combined value of digital assets is now about $2.2 trillion, compared to a low of about $820 billion during the 2022 bear market when FTX and other crypto platforms collapsed.
Digital tokens are surging even as investors have lowered expectations of loose monetary policy this year, evidenced by the rise in US Treasury yields.
“Crypto’s bullish momentum is emerging despite the rate hike,” Sean Farrell, head of digital-asset strategy at Fundstrat Global Advisors, wrote in a note.
Bitcoin has outperformed traditional assets like stocks and gold this year. The ratio comparing the price of the token to the precious metal is at the highest level in more than two years.
Shares of crypto-related companies rose in the US on Monday. MicroStrategy rose 16%, trading platform Coinbase Global Inc rose 17% and miner Marathon Digital Holdings Inc rose 22%.
Positive sentiment spread across Asian stocks tied to digital assets, including gains in companies such as Japan’s Monex Group and South Korea’s Woori Technology Investment Co. on Tuesday.
