Bitcoin breaks $76k as big buyers circle
Physical representations of the bitcoin cryptocurrency are seen in this illustration taken Oct 24, 2023.
PHOTO: Reuters file
PUBLISHED ONFebruary 27, 2024 4:20 AM
SINGAPORE — Cryptocurrency bitcoin hit a two-year high above US$57,000 (S$76,613) in Asia trade on Tuesday (Feb 27) on signs of heavy institutional buying, while smaller rival ether topped US$3,200 for the first time in two years.
Bitcoin has rallied more than 10 per cent in two sessions, helped by a Monday disclosure from crypto investor and software firm MicroStrategy that it had recently purchased about 3,000 bitcoins for an outlay of US$155 million.
The original and largest cryptocurrency by market value has also been buoyed recently by the approval of bitcoin-owning exchange-traded funds (ETFs) in the United States. On Monday, trading volumes in several of the funds spiked and crypto-linked firms rallied too, in contrast to nervous broader markets.
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