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15 April, 2024

Bitcoin surpasses $57,000 on ETF boost and corporate investments

Cryptocurrency's rally continues as Bitcoin ETFs attract billions and MicroStrategy bolsters holdings


Bitcoin reached a milestone, surpassing $57,000, driven by increasing demand from exchange-traded funds (ETFs) and corporate investments, notably by MicroStrategy. The cryptocurrency's value has surged by 32% since the start of the year, attracting attention not only to Bitcoin but also to smaller cryptocurrencies like Ethereum and Dogecoin.

Bitcoin ETFs in the US, which commenced trading on January 11, saw net inflows of $6.1 billion, indicating a broader interest beyond traditional market investors. MicroStrategy, known for its corporate Bitcoin strategy, announced the acquisition of an additional 3,000 coins, bringing its Bitcoin holdings to approximately $10 billion. The overall digital asset market now boasts a value of $2.2 trillion, a significant rebound from the 2022 bear market low of $820 billion when platforms like FTX faced collapses, as reported by Bloomberg.

Source: Money Review

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