Bitcoin Price Crosses $57,000 for First Time in Two Years

By Trisha Andrada

Feb 27, 2024 08:41 AM EST

Bitcoin has increased over 10% in two days and topped $57,000 for the first time in more than two years on Tuesday. 

Bitcoin Reaches New Record High

In response to the revelation that crypto investment and software company MicroStrategy bought about 3,000 bitcoins for $155 million on Monday, the price of bitcoin reached the $53,000 threshold for the first time since November 2021 and soared to $54,000 before rising rapidly to $57,000 in a matter of minutes on Tuesday.

(Photo : Kanchanara on Unsplash)

According to CNBC, the world's largest cryptocurrency by market cap also benefitted from the recent approval of the trading of spot bitcoin exchange-traded funds (ETFs) in the US.

On Monday, trading volumes in various funds surged, and crypto-related companies rose, in contrast to market-wide unease.

Reuters reported that Bitcoin briefly soared 4.3% to $57,036, its highest since late 2021. It was last up 3.6% at $56,636, while ether jumped by 2.7% to $3,273, its highest since April 2022.

Keyrock's head of partnerships in Asia, Justin d'Anethan, said, "There's only so much supply... but the demand unleashed by the US spot ETFs seems to be relentless." Keyrock is a digital asset market maker. 

Read Also: Bitcoin Crosses $1 Trillion Market Value Again After Its Price Jumped 22% to $52,005

Growing Interest in Bitcoin

There is growing interest in bitcoin outside of the traditional investing circles, as its value has increased by 32% in February alone, heading for its biggest one-month gain since January 2023. 

In a recent filing with the New York Stock Exchange, social media giant Reddit revealed that it had put some of its excess cash reserves into bitcoin, ether, and matic, the native currency of the Polygon network, to buy certain virtual items.

One factor contributing to this recent price increase is the growing anticipation among market players around the potential regulatory approval of spot ether ETFs.

Read More: Defunct Crypto Exchange FTX Is Paying Back Customers in Full: Here's What You Need to Know

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