Singapore: Bitcoin has surged past the $55,000 mark, marking its first foray into this territory since late 2021. This upswing is fueled by investor demand, particularly through exchange-traded funds (ETFs), along with additional purchases by MicroStrategy Inc.
The largest digital asset experienced a 1% increase, reaching $55,112 as of 9:46 a.m. Tuesday in Singapore, following a more than 5% gain during the US session. Bitcoin’s price has soared by 30% since the beginning of the year, continuing a sustained rally that has also fueled interest in smaller tokens like Ether and BNB. The introduction of landmark Bitcoin ETFs in the US on Jan. 11 has attracted a net inflow of $5.6 billion, indicating broader demand for the cryptocurrency beyond dedicated digital asset enthusiasts.
Moreover, optimism surrounding an upcoming reduction in Bitcoin’s supply growth, known as the halving, further bolsters sentiment. MicroStrategy, known for its corporate strategy of purchasing Bitcoin, announced on Monday that it acquired an additional 3,000 tokens this month, bringing its total Bitcoin holdings to around $10 billion.
