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

Bitcoin rallied above $54,000 as the digital currency rides a wave of investor demand for crypto assets.

Prices jumped 4.6 per cent in early U.S. trading, reaching the highest in two weeks. While high-flying bets like Tesla Inc. and the ARK Innovation ETF have cratered recently, Bitcoin has steadily climbed on news of more institutional involvement in crypto.

On Monday, NYDIG, a provider of Bitcoin-related financial services, announced that it raised $200 million from investors including Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual and Soros Fund Management. NYDIG said Bitcoin adoption among institutions is accelerating, citing data that insurers have more than $1 billion in Bitcoin-related exposure on its platform.