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| Once again Bitcoin is worth over a trillion dollars |
Bitcoin cryptocurrency surged on Tuesday, according to CoinDesk, and its market value rose to more than $ 1 trillion by noon in Singapore.
Bitcoin extended its gains to a 24-hour high of $ 54,348 in Singapore in the early afternoon, up about 7% over the same time the previous day.
Since then, Bitcoin has trimmed some of these gains.
This is the second time Bitcoin has exceeded $ 1 trillion after Bitcoin reached its target on February 19.
Bitcoin's market value held steady at more than $ 1 trillion for a few days before dipping below this level.
Although Bitcoin dropped from an all-time high of $ 58,332, it actually rose sharply.
The digital currency has grown by over 80% this year and over 570% in the past 12 months.
Bitcoin's rise can be attributed to a variety of factors, including institutional investor participation and the purchase of some well-known companies. Tesla, Square, and Microstrategy are all companies that buy bitcoin.
Chinese software maker Meitu said it has acquired Bitcoin and the cryptocurrency Ethereum.
According to CoinDesk, the trading price of the cryptocurrency Ethereum was $ 1,836 at around 10:41 AM SGT, an increase of nearly 7% from the previous trading day.
The company is also acquiring cryptocurrencies, and on Monday PayPal announced that it has bought Curv to protect cryptocurrencies.
Bitcoin supporters often compare the currency to digital gold, providing a hedge against inflation and safe assets as investors can hold their money in times of political or economic turmoil.
Some believe that loose monetary policies (such as lower interest rates and purchases of assets from central banks around the world) undermined the value of fiat currencies (such as the US dollar) and provided better investment opportunities for Bitcoin.