Bitcoin surges past $57,000 amid institutional interest

Bitcoin price: Bitcoin has breached the $57,000 mark in Asia's trading session on Tuesday. This surge, marking a two-year high, has been attributed to substantial institutional investment, signalling a renewed interest from big buyers. Concurrently, its counterpart, ether, has also experienced a milestone, surpassing $3,200 for the first time in two years.

Bitcoin's remarkable ascent, recording a gain of over 10 per cent across two sessions, finds support in recent revelations from crypto investor and software company MicroStrategy. The firm disclosed on Monday its acquisition of approximately 3,000 bitcoins, amounting to a hefty $155 million investment. Such strategic moves by influential players in the crypto space have further fuelled investor confidence and propelled Bitcoin's trajectory upwards.

Moreover, bitcoin's recent bullish momentum has been amplified by the green light given to bitcoin-based exchange-traded funds (ETFs) in the United States. This regulatory approval has injected fresh optimism into the cryptocurrency market, spurring a surge in trading volumes within these ETFs. Consequently, crypto-linked companies have witnessed a notable uptick in their stock prices, a stark contrast to the cautious sentiment prevailing in broader financial markets.

(With Reuters inputs.)