Bitcoin Surpasses $57,000 on Tuesday for First Time Since 2021
$Bitcoin(BTC.CC$ crossed $57,000 on Tuesday for the first time in more than two years due to buying by large investors and rising demand through exchange-traded funds (ETFs).
According to Coin Metrics, Bitcoin's price was last up 4% at $56,851.59. Earlier it rose to $57,445.14, which is its highest level since December 2021.
According to Coin Metrics, Bitcoin's price was last up 4% at $56,851.59. Earlier it rose to $57,445.14, which is its highest level since December 2021.
Why is Bitcoin Up Today?
The move comes after crypto investment and software firm MicroStrategy on Monday disclosed the purchase of approximately 3,000 bitcoins for $155 million.
MicroStrategy, based in Virginia, is currently the largest publicly traded owner of Bitcoin. The company reported earlier this month that it held approximately 190,000 cryptocurrency tokens, which would be worth more than $10.5 billion today.
According to Greta Yuan, head of research at digital asset platform VDX, the market was “boosted by crypto bulls like MicroStrategy” as well as a “new record of Bitcoin ETF inflows.”
And in addition, former President Donald Trump's positive comments about Bitcoin have also contributed to the positive sentiment, indicating a possible shift in political attitudes towards the digital asset.
The move comes after crypto investment and software firm MicroStrategy on Monday disclosed the purchase of approximately 3,000 bitcoins for $155 million.
MicroStrategy, based in Virginia, is currently the largest publicly traded owner of Bitcoin. The company reported earlier this month that it held approximately 190,000 cryptocurrency tokens, which would be worth more than $10.5 billion today.
According to Greta Yuan, head of research at digital asset platform VDX, the market was “boosted by crypto bulls like MicroStrategy” as well as a “new record of Bitcoin ETF inflows.”
And in addition, former President Donald Trump's positive comments about Bitcoin have also contributed to the positive sentiment, indicating a possible shift in political attitudes towards the digital asset.
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