Bitcoin on Tuesday held just below this year’s highs, which were touched the day before, as the native cryptocurrency’s gains exceeded 27% since the Russian invasion of Ukraine.
Bitcoin price reached $48,234 on Monday evening, the highest level since December 31. It was last traded up 0.9% at $47,553.
Its gains lifted smaller cryptocurrencies that tend to move in tandem with Bitcoin. Ether, the second largest token, reached $3,436 on Monday, the highest level since early January.
Market players have cited emerging signs of a new wave of cryptocurrency adoption by institutional investors and financial firms, whose interest over the past two years has fueled crypto’s journey into mainstream niche technology assets.
Bitcoin is up over 12% in the last week alone.
Among the supportive comments cited by the CEO of BlackRock, who said last week that the Russia-Ukraine war could eventually lead to the acceleration of digital currencies as a tool for settling international transactions.
Noel Acheson, head of market insights at US crypto firm Genesis, said such moves signal “the growing conviction that the cryptocurrency markets deserve more resources.”
Despite talking about bitcoin and other cryptocurrencies at the same time as traditional assets from stocks and forex to bonds, it remains as volatile as ever.
Bitcoin reached an all-time high of $69,000 in November, before dropping nearly 30% in just 24 days.
(Reporting by Tom Wilson and Elizabeth Hawcroft; Editing by Frank Jack Daniel)
(The title and image for this report may have been reformulated only by the Business Standard staff; the rest of the content is automatically generated from a shared feed.)
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