Bitcoin tops $US57,000 for the first time since 2021 on ETF flows

Digital tokens are jumping even though investors have pared back expectations for looser monetary policy this year, evidenced by a rise in US Treasury yields.

“Bullish momentum in crypto is unfolding despite an uptick in rates,” Fundstrat Global Advisors Head of Digital-Asset Strategy Sean Farrell wrote in a note.

Bitcoin has outperformed traditional assets like stocks and gold this year. A ratio comparing the price of the token to the precious metal is at the highest level in more than two years.

Shares of crypto-related companies gained in the US at the start of the week. MicroStrategy jumped 16 per cent, trading platform Coinbase Global increased 17 per cent and miner Marathon Digital Holdings jumped 22 per cent.

The positive sentiment spread to Asian stocks related to digital assets, including advances Tuesday in companies such as Japan’s Monex Group and Woori Technology Investment in South Korea.

Bloomberg

Bloomberg