Bitcoin surpasses $56,000 benchmark, uplifts crypto market in latest rally

Bitcoin’s price surged over 10% in two days, reaching a milestone of $54,000 on Monday, its highest since December 2021. The rally was fueled by MicroStrategy’s acquisition of 3,000 bitcoins for $155 million. Analysts attribute the gains to increased investment in bitcoin ETFs and the upcoming “halving event.” On Tuesday, bitcoin hit a two-year high of over $56,000, driving positive sentiment in the broader crypto market. Ethereum also saw a significant rise, surpassing $3,200. Crypto-related equities, such as MicroStrategy and Coinbase, experienced substantial growth as well. The anticipated release of U.S. economic data this week further impacted the market.