Global Markets

Bitcoin price surges to $57K on Tuesday

Bitcoin price (BTC) surged significantly during the U.S. trading session on Monday, breaking through multiple key round number thresholds in the early hours of Tuesday morning in Asia. The cryptocurrency reached a milestone by surpassing $57,000 for the first time since November 2021.

As of the current moment, bitcoin has slightly retraced to $56,500, maintaining a gain of more than 9% over the last 24 hours. Meanwhile, the broader CoinDesk 20 Index (CD20) has also shown a strong performance, advancing by 8.9% within the same timeframe.

The bullish momentum commenced on Monday morning in the U.S., as bitcoin breached the $53,000 mark, marking its first time above this level since November 2021. Subsequently, the price climbed above $54,000 later in the day. The uptrend continued during the U.S. evening and early Asia morning, as bitcoin swiftly surpassed $55,000, $56,000, and $57,000 in a matter of minutes.

On Monday, the surge in bitcoin’s value prompted significant trading in U.S.-based spot bitcoin ETFs, excluding Grayscale’s GBTC. According to Bloomberg, these ETFs recorded an all-time high trading volume of $2.4 billion. In contrast, GBTC experienced its lowest outflow of bitcoin in a single day since the launch of the spot ETFs on January 11, with the fund shedding only 921 tokens.

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