Bitcoin hits US$57,000 in record rally

The news: Bitcoin has surged over 10% in two sessions, reaching a two-year high of USD57,000 ($87,050).

The numbers: The cryptocurrency gained 32% in value during February, putting it on track to make its largest one-month gain since January 2023. Bitcoin hit its all-time high in November 2021, reaching USD68,990.

The context: Software firm MicroStrategy disclosed that it had recently purchased approximately 3,000 Bitcoins for USD155 million on Monday, highlighting increasing interest in the cryptocurrency from larger buyers.

The SEC’s approval of spot Bitcoin exchange traded funds in the US earlier this year has also served to buoy Bitcoin’s market value. Additionally, Bitcoin’s fourth halving event in April is attracting investor attention, as the currency’s value has historically surged following halving events.