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Bitcoin surges above $54k becoming the highest in two weeks
Bitcoin surge past $54,000 as the digital currency rides a wave of investor demand for crypto assets.
Bitcoin surge past $54,000 as the cry cryptocurrency rides a wave of investor demand for crypto assets.
Prices jumped 4.6% in early U.S. trading, reaching the highest in two weeks. While high-flying bets like Tesla Inc. and the ARK Innovation ETF have cratered recently, Bitcoin has steadily climbed on news of more institutional involvement in crypto.
“Bitcoin and Ethereum bullishness are back as more big-money bets keep flowing into cryptocurrencies,” Edward Moya, senior market analyst at Oanda, wrote in an email. “Institutional interest still seems strong.”
In recent days, oil billionaire Kjell Inge Rokke came out in favour of Bitcoin and Rokke’s Aker ASA is setting up a new business to tap into its potential.
“Bitcoin may still go to zero. But it can also become the core of a new monetary architecture,” Rokke, Norway’s second-richest person with an estimated $5.4 billion net worth, wrote in a shareholder letter. He says it’s not inconceivable that one Bitcoin could one day “be worth millions of dollars.”
Technical analysis is also supportive of higher prices, according to a report by Evercore ISI strategist Rich Ross, who said Bitcoin could reach $75,000.
The narrative that longer-term investors such as family offices, insurers and corporate treasurers are adding exposure to tokens is controversial but gaining traction.
Goldman Sachs Group Inc. recently said it’s seeing substantial demand from institutions as it works to restart its cryptocurrency trading desk.