Bitcoin Hits Two-Year High; Price Reaches $57,000 (Photo by Michael Förtsch on Unsplash)
Bitcoin, the world”s largest cryptocurrency by market capitalisation, has reached its highest point in over two years. Bitcoin crossed the $57,000 mark in Asia trade on Tuesday, February 27. Reuters reported that Bitcoin has rallied more than 10 percent in two sessions.
It was the first time since November 2021 that Bitcoin had crossed the $57,000 mark. Investor demand through exchange-traded funds and buying by MicroStrategy is reported to be the reason why Bitcoin touched its highest point. MicroStrategy (MSTR) has recently purchased an additional 3,000 tokens for $155 million. This has increased the company”s total holdings to 193,000 coins. Michael Saylor, the Executive Chairman of MicroStrategy, wrote on his X handle on February 26 that they have acquired 3,000 bitcoins at an average price of $51,813 per bitcoin. The US Securities and Exchange Commission (SEC) has recently approved exchange-traded funds (ETFs), and this has also buoyed Bitcoin.
According to a Reuters report, Bitcoin rose as far as $57,036 in the Asian morning. Fortune India reported that other cryptos also logged strong demand, with Ether trading at $3,235 after hitting a high of $3,273 in the past 24 hours. Notably, Bitcoin has risen 115 percent in the past six months. The popular cryptocurrency has gained 32 percent in value so far this month.
At the same time, Reddit, the well-known social media platform, has recently revealed in a Securities and Exchange Commission (SEC) filing that it has invested in Bitcoin and Ether using a portion of its excess cash reserves. This move indicates Reddit”s confidence in the long-term potential of Bitcoin.
