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Due to indications that major investors were purchasing the cryptocurrency, Bitcoin reached a two-year high on Tuesday and was poised for its largest two-day rise of the year. Meanwhile, competitor cryptocurrency Ether crossed $3,200 for the first time since 2022.
Due in part to the admission made on Monday by software company MicroStrategy (MSTR.O), a cryptocurrency investor, that it had just spent $155 million on purchasing about 3,000 bitcoins, the price of bitcoin has increased by more than 10% in only two sessions.
Bitcoin ETFs Legalized
The legalization of bitcoin-owning exchange-traded funds (ETFs) in the US has also helped the original and biggest cryptocurrency by market value. Contrary to apprehensive larger markets, trading volumes in some of the funds jumped on Monday, and companies tied to cryptocurrencies also saw a rise in value.
The price of bitcoin increased by 4.3% to $57,036, the highest level since late 2021. While ether increased by as much as 2.7% to $3,273, its highest since April 2022, it was recently up 3.6% at $56,636.
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Bitcoin ETFs Legalized
“The demand unleashed by the U.S. spot ETFs seems to be relentless, but there’s only so much supply,” stated Justin d’Anethan, head of partnerships in Asia at digital asset market developer Keyrock.
Right now, the April bitcoin halving event is a big incentive. By halving the reward for creating tokens, this method aims to slow down the release of bitcoin, the quantity of which is set at 21 million, 19 million of which have already been mined.
With its value up 32% so far in February, Bitcoin is on track to record its biggest one-month rise since January 2023, and enthusiasm is growing beyond of the investing community.
Bitcoin ETFs Legalized
The social media site Reddit announced on February 22 that it had used a small amount of its excess cash reserves to purchase bitcoin, opens new tab, ether, and matic, the Polygon network’s native token, as payment for the sale of specific virtual goods. Reddit had filed to list its shares on the New York Stock Exchange on February 22.
This month, ether has increased even more quickly and is expected to gain 41%.
This most recent price increase has been aided by increased market players’ anticipation of potential regulatory approval of spot ether ETFs.
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Bitcoin ETFs Legalized
“After the recent launch of a variety of bitcoin ETFs, the prospect of a spot Ethereum ETF is a further development for traders and investors alike,” senior analyst Nick Crawley of DailyFX wrote in a note.
“It represents a further maturation of the cryptocurrency market and a recognition of ethereum’s role in the future of cryptocurrencies within the financial system.”
In premarket trading in the United States, shares of cryptocurrency exchange Coinbase (COIN.O) increased by 5.2%, while bitcoin miners Marathon Digital and Riot Platforms (RIOT.O) saw increases of 8.3% and 4.5%, respectively.
Grayscale Bitcoin Trust (GBTC.P), the biggest bitcoin ETF, increased by 4.3%.