Bitcoin Breaks $57,000 as Investors Rally

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Bitcoin has soared to a two-year peak, with its price crossing the $57,000 threshold. The surge, marking the most substantial two-day gain of the year, signals a robust influx of heavyweight investors into the cryptocurrency arena.

Simultaneously, the digital currency’s smaller counterpart, Ether, has also experienced a surge, surpassing $3,200 for the first time since last year. This uptick in value follows the strategic acquisition of approximately 3,000 bitcoins by software titan MicroStrategy, investing a substantial $155 million.

Bitcoin Chart

Driving Bitcoin’s momentum is the recent U.S. green light for bitcoin-holding exchange-traded funds (ETFs), which has not only lifted the cryptocurrency’s market value but also spurred a spike in trading volumes and a rally among crypto-linked businesses.

Amidst a broader market tinged with uncertainty, Bitcoin reached a high of $57,036, while Ether hit $3,273. The market’s buoyancy is partly attributed to the anticipation of the upcoming Bitcoin halving event in April, a strategic move set to halve the rewards for mining the cryptocurrency, thereby decelerating its supply.

February has seen Bitcoin’s value skyrocket by 32%, potentially its largest monthly gain since January of the previous year. The investment wave extends beyond the traditional financial community, with social media giant Reddit revealing an investment in Bitcoin, Ether, and Matic—a move that underscores the growing trend of tech firms diversifying into digital assets.

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