Bitcoin surpasses $57,000 as large buyers circle

Bitcoin hit a two-year high above $57,000 in Asia trade on Tuesday, boosted by strong institutional purchasing, while smaller rival ether crossed $3,200 for the first time in two years

Bitcoin reached a two-year high above $57,000 in Asia trade on Tuesday, fueled by strong institutional buying, while smaller rival Ether surpassed $3,200 for the first time in two years.

Bitcoin has risen by more than 10% in two sessions, boosted by a Monday statement from crypto investor and software business MicroStrategy (MSTR.O) that it had just purchased approximately 3,000 bitcoins for a total of $155 million.

The approval of bitcoin-owning exchange-traded funds (ETFs) in the United States has also helped to boost the original and largest cryptocurrency by market value. Trading volumes in several of the funds increased on Monday, and crypto-linked corporations climbed as well, contrasting with the jittery broader markets.

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