| 19 May 2024, Sunday |

Bitcoin surges higher, narrows gap to record high

Bitcoin rose significantly on Tuesday, on course to gain for a fifth straight day, in a rally that has left the cryptocurrency within touching distance of an all-time high hit last month.

The world’s most popular digital currency was trading up 3.3% at $54,206 amidst a broadly supportive risk rally, climbing toward a record high of $58,354.14 seen on Feb. 21.

Bitcoin has risen nearly 87% this year, broadly outperforming conventional asset classes, partly due to broader acceptance as a form of payment.

On Tuesday, bitcoin’s surge fueled gains in related stocks, sending shares of cryptocurrency miners Riot Blockchain Inc and Marathon Digital Holdings Inc soaring 28% and 22%, respectively.

Companies have taken advantage of bitcoin’s strength, in recent weeks, to raise hundreds of millions of dollars in funding, capitalizing on improved market sentiment.

On Tuesday, Bitcoin bank Silvergate Capital Corp launched a $300 million program to sell shares, less than 2 months since it raised equity, while business intelligence software company MicroStrategy Inc recently issued notes in order to fund more bitcoin purchases.

  • Reuters