Bitcoin soars over $55,000 Mark: What’s behind the surge?

Bitcoin has once again crossed the US$55,000 mark, a feat not seen since late 2021, bolstered by exchange-traded funds’ investor demand and additional acquisitions by MicroStrategy Inc.

In Singapore today, the most significant digital asset witnessed a 1% surge, standing at US$55,112 following an over 5% rise in the US session. Bitcoin’s value has seen an impressive 30% increase since the beginning of the year, fuelling a sustained rally that has also sparked speculative interest in smaller tokens such as Ether and BNB, reported Bangkok Post.

Bitcoin ETFs that started trading in the United States on January 11 have attracted a net inflow of US$5.6 billion, indicating an expansion in demand for the token beyond the committed digital-asset aficionados. The impending reduction in the token’s supply growth, known as the halving, is further fuelling…