February 27, Singapore (Reuters) – In Asia trade on Tuesday, the cryptocurrency bitcoin reached a two-year high above $57,000 due to strong institutional purchasing, while its smaller competitor ether crossed $3,200 for the first time in two years.
Due in part to a Monday announcement by software company MicroStrategy (MSTR.O), a cryptocurrency investor, the price of bitcoin has increased by more than 10% in the last two sessions. The company said that it had recently spent $155 million buying around 3,000 bitcoins.
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.