Bitcoin hits highest level in 2 weeks as big-money bets flow

Bitcoin flirted with the $54,000 level and hit a two-week high Tuesday, aided by more signs of institutional interest in the largest cryptocurrency.

The digital token rose as much as 4.3% and was trading at about $53,900 as of 12:54 p.m. in Hong Kong. Rival Ether also jumped, extending a two-day rally in the Bloomberg Galaxy Crypto Index to some 13%.

“Bitcoin and Ethereum bullishness are back as more big-money bets keep flowing into cryptocurrencies,” Edward Moya, senior market analyst at Oanda, wrote in an email. “Institutional interest still seems strong.”

The narrative that longer-term investors such as family offices, insurers and corporate treasurers are adding exposure to tokens is controversial but gaining traction.